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Elk Grove millennials buck national homeownership trend in a big way

Homes are built at Standard Pacific Homes’ two communities, Bellmore and Stratford at Parkgate, in Elk Grove. A national report says Elk Grove is tops in the U.S. for millennial homeownership.
Homes are built at Standard Pacific Homes’ two communities, Bellmore and Stratford at Parkgate, in Elk Grove. A national report says Elk Grove is tops in the U.S. for millennial homeownership. Ed Andersen

Maybe millennials aren’t so lazy and unmotivated after all. At least they’re not in Elk Grove.

According to marketwatch.com, Elk Grove is the No. 1 city in the country for homeownership for people under the age of 35. More than 60 percent of millennials own a home there. The national homeownership rate for people under 35 in the United States is 35 percent, according to census data.

To get the data, the website looked at homeownership rates in 200 of the largest cities in America.

The other cities where more than half of millennials own a home are Gilbert, Ariz.; Frisco, Texas and Port St. Lucie, Fla., according to marketwatch.com.

In a report published in January, real estate data site smartasset.com named Elk Grove as the No. 2 city where millennials are buying homes. Roseville ranked fourth in that report.

SmartAsset said that the high rate of millennial homeownership in Elk Grove and Roseville could be attributed to the strong job market in Sacramento and its relative proximity to San Francisco.

“The area is one of the best in the country for millennial homeownership,” Derek Miller wrote in the report.

The median home value in Elk Grove is $390,400, according to zillow.com, which is much less than the $1 million average in San Francisco.

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