Breaking News
More () »

Report: nearly 72% of millennials in Boise are homeowners

Nationally, 52% of millennials own a home. Rent Cafe's report analyzed numbers from the U.S. Census.

BOISE, Idaho — After three years working at one of the largest home lenders in the state - Fulcrum Home Loans - Senior Loan Officer Tom Kirchmeyer has noticed a trend.

"A slight increase in people tired of paying rent and wanting to do this on their own," Kirchmeyer said. "They're starting to get married, have a family, so everyone's you know, wanting to settle down."

Pew Research Center defines millennials as anyone born between 1981 - 1996. Meaning, millennials are now in their 40's. It's this same group of people who are starting to dig into the housing market across the country.

A RentCafe report analyzed U.S. Census numbers to conclude 52% of millennials are now homeowners. Boise ranks 6th nationally in the metric - only looking at the top 110 metropolitan areas by population - where 71.7% of millennials own a home.

"You know, I know the numbers last year were like 48% and that's compared to like 70% for some of the older generations," Kirchmeyer said. "Even though rates are higher people still wanna live here. It's volatile. Very low housing inventory."

Millennials are still purchasing homes later in life than previous generations, according to Kirchmeyer. Not to mention, the city - and Treasure Valley as a whole - is booming in population.

"Especially over the past three years, the majority of our business has been people relocating [to Idaho]," Kirchmeyer said. "They see the affordability. They see a better style of living."

Kirchmeyer attributes a portion of the increasing number of millennial homeowners to realtors and lenders leveraging social media to connect with younger audiences. The report concluded millennial homeownership in Boise has increased by 82.1% over the last 5 years.

Kirchmeyer adds the biggest barrier to becoming a homeowner is preparation, and the decision made years in advance.

"The rising amount of debt that people are carrying, that's the biggest thing I see. live within your means," Kirchmeyer said. "Pay off your debt, keep your payments, manageable, and, you know, buying a house just kind of it comes along with that."

Watch more Local News:

See the latest news from around the Treasure Valley and the Gem State in our YouTube playlist:

Before You Leave, Check This Out