PR Newswire | Sep 30, 2020 06:00AM EDT

Study Finds

09/30 05:00 CDT

Millennials Prefer Value Home Investments Versus Affordability, QuoteWizard Study Finds SEATTLE, Sept. 30, 2020

SEATTLE, Sept. 30, 2020 /PRNewswire/ -- QuoteWizard(r), a LendingTree company, and one of the nation's leading online insurance marketplaces released a report on states where millennials are buying more homes. When comparing homeownership rates over the six-year period, QuoteWizard found that nearly half of all states saw some growth in millennial ownership, whereas the other half saw a decline.

The biggest correlating factor QuoteWizard found to reflect millennial homeownership growth is a differential type of metric that signals the quality of home investment. This differential of home value and mortgage balance in each state can be viewed as a value metric that shows a willingness to incur mortgage debt for a value investment in a home. The differential in home value and mortgage balance metric showed a strong correlation in the top growing states for millennial homeownership.

Visit the full report here, https://quotewizard.com/news/posts/where-millennials-are-buying-more-homes

Key Findings:

* The 17 states with the largest increases in millennial homeownership are also states in the top half of most expensive median home values. Affordability isn't driving under-35 homeownership. * Eight of the top 10 states for millennial homeownership are in the top half in median home value compared to outstanding mortgage debt, indicating that millennial homeownership is driven by value investment versus affordability. * Median home values increased by 27% from 2013 to 2019, while median income of people aged 25-34 only increased by 17%. * Above-average income growth from 2013 to 2019 in states with higher rates of millennial homeownership is a common factor.

Methodology

QuoteWizard analyzed Census income data in each state from 2013 to 2019, to see if there was a correlation between millennial homeownership and income growth. We also looked at Census data to see which states have seen the biggest changes in millennial (under 35 years old) homeownership from 2013 to 2019.

2013 2019 OwnershipDifference Home Value vs. RankState OwnershipOwnership% Change Outstanding Mortgage Debt % %

1 Vermont 7.9 9.5 20.3% $63,359

2 Oregon 7.8 9.3 19.2% $125,003

3 Maine 8.1 9.5 17.3% $99,246

4 Wyoming 12.8 14.7 14.8% $50,686

5 Massachusetts7.6 8.7 14.5% $156,178

6 New Jersey 6.7 7.6 13.4% $89,711

7 Washington 9.7 10.8 11.3% $130,119

8 Tennessee 10 11.1 11.0% $13,720

9 Pennsylvania 9 9.9 10.0% $31,142

10 Florida 6.7 7.3 9.0% $49,677

11 Hawaii 5.8 6.3 8.6% $273,037

12 New York 7.5 8.1 8.0% $67,690

13 Ohio 10.1 10.9 7.9% $19,661

14 New Hampshire8.2 8.8 7.3% $101,346

15 Michigan 10.4 11.1 6.7% $22,033

16 Rhode Island 7.8 8.2 5.1% $98,423

17 Indiana 11.8 12.4 5.1% $28,133

18 Alabama 10.2 10.7 4.9% -$7,002

19 Colorado 11.4 11.9 4.4% $122,187

20 North 9.5 9.9 4.2% $27,380 Carolina

21 Alaska 12.3 12.7 3.3% $102,833

22 Idaho 11.7 12 2.6% $103,007

23 South 9.7 9.9 2.1% $10,641 Carolina

24 Connecticut 7.7 7.8 1.3% $19,872

25 Virginia 9.6 9.7 1.0% $21,803

26 Missouri 11.9 12 0.8% $24,155

27 Iowa 13.2 13.3 0.8% $15,006

28 Wisconsin 10.8 10.8 0.0% $52,811

29 Georgia 9.9 9.8 -1.0% $18,414

30 Kentucky 11.1 10.9 -1.8% $21,915

31 Nevada 11 10.8 -1.8% $64,988

32 Illinois 10.3 10.1 -1.9% $7,075

33 Maryland 9.6 9.4 -2.1% $37,980

34 Nebraska 14 13.7 -2.1% $30,181

35 South Dakota 14.2 13.8 -2.8% $43,211

36 New Mexico 10 9.7 -3.0% $36,129

37 West Virginia9.7 9.4 -3.1% -$11,464

38 Oklahoma 12.6 12.2 -3.2% -$9,411

39 Texas 11.3 10.9 -3.5% $21,976

40 Mississippi 10.1 9.7 -4.0% $8,093

41 Kansas 12.3 11.8 -4.1% $3,063

42 Minnesota 13.1 12.5 -4.6% $64,526

43 Arizona 10.1 9.6 -5.0% $54,641

44 Arkansas 11 10.4 -5.5% $117

45 North Dakota 16.4 15.5 -5.5% $47,226

46 California 8.1 7.6 -6.2% $186,909

47 Montana 10.7 10 -6.5% $61,389

48 Utah 16.3 15.2 -6.7% $134,887

49 Louisiana 12.2 11.2 -8.2% -$4,251

50 Delaware 9.8 8.9 -9.2% $50,773

About QuoteWizardQuoteWizard (quotewizard.com) is an insurance comparison marketplace for consumers looking to save on insurance. QuoteWizard provides consumers with direct access to thousands of qualified agents in all 50 states, as well as major carriers, who offer personalized quotes and the opportunity to save up to 40% on auto, home, health, and life insurance. Agents and carriers, in turn, benefit from millions of highly qualified leads, calls, and traffic to their site. Based in Seattle, QuoteWizard was founded in 2006.

For more information, go to quotewizard.com, like our Facebook page and/or follow us on Twitter @quotewizard.

About LendingTreeLendingTree (NASDAQ: TREE) is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student refinances, credit cards and more. Through the My LendingTree platform, consumers receive free credit scores, credit monitoring, and recommendations to improve credit health. My LendingTree proactively compares consumers' credit accounts against offers on our network and notifies consumers when there is an opportunity to save money. In short, LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education and support. LendingTree, LLC is a subsidiary of LendingTree, Inc.

Media Contacts:

Emily: emily@quotewizardnews.com

Nathan: nathan@quotewizardnews.com

Related Links

https://quotewizard.com https://quotewizard.com/news/posts/where-millennials-are-buying-more-homes

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SOURCE QuoteWizard