SmartAsset, a personal finance technology company, ranks Clarksville, Tennessee, #7 on its list of top 25 cities in the United States where home ownership among millennials is above average and on the rise. Per the study, a total of 34% of Clarksville’s roughly 50,000 millennials own their homes, a percentage that has increased over the past decade.
The study was based on changes in homeownership and the homeownership rate for individuals under the age of 35. According to SmartAsset, “The Volunteer State’s fifth-largest city saw a slight uptick in its under-35 homeownership rate since 2005. Of the roughly 50,000 millennials who live in Clarksville, 34% own the home they live in. That makes Clarksville the only major Tennessee city with a millennial homeownership rate greater than 30%.”
Key findings in the study point to city size and affordability as key factors for homeownership among America’s young adults. Eight of the top ten cities where homeownership has increased in the past decade have lower than national median home values.
“Clarksville is continually recognized as a place where millennials and young professionals thrive due to its unique balance between job opportunities, quality of life amenities, and affordability. Ranking in the top ten in the nation for millennial homeownership is gratifying because we see that our young population understands this value and is willing to make a financial commitment to being a part of our incredible community,” said Cal Wray, executive director of the Clarksville-Montgomery County Economic Development Council.
Details on the study, including full methodology and results, can be found here: https://smartasset.com/mortgage/millennial-homeownership.