Report: Nearly half of Sarasota metro's millennials own their home, above national average

Derek Gilliam
Sarasota Herald-Tribune
Grand Palm in Venice has numerous preserves and wetlands, and 40 retention ponds. All residences have waterfront views or back onto preserves or green belts. For stretches of several interior roads you don’t see any houses at all.

Millennials living in the Sarasota-Bradenton-North Port metro area have a higher rate of home ownership than the national average, according to a report from HVAC materials supplier Filterbuy that used U.S. Census data.

That report says that 45.7% of millennials in the Sarasota, Bradenton and North Port region own their home.

The national average for millennial homeownership was 41.9%, according to the report.

Real estate news:Experts running out of superlatives for what's happening to home prices in the U.S.

More:Home prices hit new record in July as price continues upward trend

Among midsize metro areas, Sarasota ranked 34th in the nation for its percentage of millennial homeownership. Sarasota, among metros areas with a population greater than 350,000 people but less than 1 million people, had the lowest percentage of its population in the millennial age group at 14.3%.

Nationally, millennials make up 21.8% of the population.

Millennials, born between 1981 and 1996, still have by far the lowest homeownership rates in the country. With the next oldest age group having homeownership rates of more than 60%.

"The millennial generation includes both individuals who recently graduated college and also those who have accumulated a decade or more of work experience," the report reads. "While younger millennials — many of whom have student loan debt and are not married — may not yet be considering a home purchase, older millennials have entered prime homebuying years. As such, age is an especially strong determinant of homeownership for millennials."

The report notes that the Midwest and Mountain states have the highest millennial homeownership rates.

In midsize metros, the Ogden-Clearfield metro in Utah had the highest rate of millennial homeownership at 64.4%. Port St. Lucie in Florida at 61.1%, Fort Wayne in Indiana at 59%, York-Hanover in Pennsylvania at 57% and Boise City in Idaho at 55.7% rounded out the top five metro areas with the highest millennial homeownership rates.