Housing Watch: Millennial homeownership in Central Valley

FRESNO, Calif. (KFSN) -- There's no place like home, but research shows millennials are buying homes at a slower pace than previous generations.

The Pew Research Center identifies millennials as being between the ages of 26 and 41, Gen X between the age of 27 and 57 and the age of Baby Boomers ranges between 58-77.

Rob Warnock of ApartmentList.com says for the first time nationally, more millennials own a home rather than rent.

"Today, the Millennial homeownership rate is just shy of 52% compared to Gen X, which is now up to 72%," he said.

Those numbers, though, were lower here in the Valley.

Warnock's research showed just 42% of millennials in Fresno own their home, compared to 56% of Gen X, while 70% of Baby Boomers in Fresno own a home.

"We can see the effect that affordability has had, that kind of cultural shift," he said. " People are buying homes later, having kids later, getting married later. That all plays a role as well."

Warnock says the survey involved about 20,000 renters.

It also showed many younger people don't believe their future will ever include them holding the keys to their own house.

"One in four Millenial renters today say that they're just not planning on ever owning a home -- really speaks to the affordability challenges," he said.

When it comes to how much money millennials have set aside for a down payment, two-thirds responded they had nothing saved.

Warnock calls that a concerning statistic - but notes people often need to move out of bigger cities to realize that dream of homeownership.

For news updates, follow Dale Yurong on Facebook and Twitter.