SEATTLE — The number of millennial homeowners in Seattle has doubled in the last five years.
According to a recent report from RentCafe, more than 128,000 millennials bought a home in Seattle. That is 45% of the Seattle millennial population compared to the national average of 52%.
A millennial is someone born between 1981 and 1996.
They were the generation that graduated college and entered the workforce after the 2008 recession. Experts at the time said millennials would have a long way to go before home ownership.
"Maybe we're just a little late to the party, right?" said Jon Bye with Jon Bye and Associates Real Estate. "And getting there."
Outside of having to bounce back after a recession, Bye points to a few reasons for the catch-up. The first is supply and demand.
"In King County, we only have about five weeks of supply of inventory in all price ranges," Bye said.
Bye said millennials, like his millennial colleague David Pannen, are delaying having children.
"Our 20s were spent traveling and moving, Pannen said. "It really was a lifestyle that kind of led us to purchasing later in life."
And they aren't alone. The number of births to women aged 30-34 increased by 4% from 2020 to 2021 and 5% for women aged 35-39 according to the CDC.
"Everybody desires stability," Bye said. "And really, that's what homeownership brings. And I think as our millennials, we get older. That's really what we're craving,"
It's possible low mortgage rates during the pandemic allowed more people to buy homes. Now that rates are up to 6-7%, Bye said we will have to see if the trend continues.