News
Millennial Home Ownership Increases in Moreno Valley
Home Buying by 18-34-Year-Olds Defies National Trend
For immediate release: January 24, 2020
Young people between the ages of 18 and 34 -- the so-called Millennials -- learned a tough lesson from the Great Recession: Home ownership carries with it a certain amount of risk. So it's not surprising that the national rate of home ownership for that age group has dropped about three percent in the last 10 years. Defying that trend, however, the rate of home ownership among Millennials in Moreno Valley has increased almost 4.5 percent in that same time, according to statistics released by personal-finance website SmartAsset.com.
In a survey of 200 of the nation's largest cities, Moreno Valley ranks sixth when it comes to the rate of Millennial home ownership as of 2018 combined with the percentage increase in that rate over 10 years.
The SmartAsset.com study found that Moreno Valley "had a millennial home ownership rate of 48.22% in 2018, about 15% higher than the national average and the ninth-highest rate for this metric in our study. Over the past 10 years, the under-35 home ownership rate has increased by 4.42%, the 11th-highest rate across all 200 cities we looked at." The study details are available online at smartasset.com/mortgage/where-are-millennials-buying-homes-2020.
"The fact that we've created 20,000 new jobs in the past six years, and MoVal residents' average household income has increased 36 percent, makes home ownership here a realistic option for Millennials," said Dr. Yxstian Gutierrez, Mayor of Moreno Valley, and himself a Millennial. "We're working hard to keep Moreno Valley a great place to live, work, raise a family and retire."
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Upon request, this press release will be available in alternative formats appropriate for people with disabilities, in compliance with the Americans with Disabilities Act of 1990. Any person with a disability who requires a modification or accommodation to participate in this meeting should direct such requests to the ADA Coordinator at 951.413.3350 or adacoordinator@moval.org at least 72 hours prior to the meeting. 72-hour advance notice will allow the City to make reasonable arrangements to ensure accessibility to this meeting.
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