In the real estate community there are frequent discussions about the millennial’s and their impact on the real estate market. Since their generation makes up the largest share of the population presently, their interest, or lack thereof, in homeownership definitely has the attention of us in the real estate industry. The consensus among many in the real estate industry is that millennials don’t value homeownership as much as their baby boomer parents did, and do, however, they don’t necessarily have anything against the idea. The millennial generation seems to be more driven by lifestyle and flexibility than whether or not they own where they live.
With this in mind, today I wanted to look at the median age of the city of St Louis as well as the surrounding counties to see where the younger people are migrating as well as look at the homeownership rates for those areas. While I don’t know that there is a relationship between the median age of an area and the homeownership rate necessarily, there well could be.
The City of St Louis is where the young people are…
As the map below shows, the city of St Louis, with a median age of it’s population of 34.6 years, has the youngest population followed by St Charles county with a median age of 37.4 years.
The City of St Louis has the lowest homeownership rate by far…
As the second map below shows, the city of St Louis also has the lowest homeownership rate at 47.8%, however, St Charles County, the county with the second youngest median age has one of the highest homeownership rates in the area at 81.34%.
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Median Age Of The St Louis Population By County
(click on map for entire, live map)
St Louis Homeownership Rate By County
(click on map for entire, live map)
