Philadelphia is experiencing a surge in millennial homebuyers. The city ranked no. 17 on RentCafe’s list of top 20 metro areas where more millennials are buying.
From 2018 to 2023, millennial homeownership in Philly increased by 91.7%, significantly outpacing the national five-year average of 74%. The metro also stood out as one of a few on the list not located in the Sun Belt region – a standout among many metros in Florida, California and Texas.
The increase in millennial owner households in Philly may have been partly driven by an income growth of 37.9%, which comfortably cleared the local price appreciation of 18.5%.
By the numbers, Philly had 385,854 millennial owner households in 2023, compared to 201,239 in 2018. It fell between El Paso and Richmond, which had 95.3% and 89.7% five-year changes, respectively.
Farther down on the list, Scranton ranked no. 31, Harrisburg no. 42, Allentown no. 56, Lancaster no. 79 and Pittsburgh no. 97. Lancaster also ranked fourth on the list of top metros with the largest overall shares of millennial homeowners.
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