Millennial Homeownership Surges in Palm Bay

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Millennials have become the majority homeowners in Palm Bay, according to a new study by RentCafe. The study found that 51.5 percent of millennials in Palm Bay own their own homes, up from 46.5 percent in 2017.

The study also found that millennials are increasingly choosing to buy homes in Palm Bay. In 2017, millennials made up 42 percent of all homebuyers in Palm Bay. That number has since increased to 48 percent.

The study's findings are in line with national trends. A recent study by Zillow found that millennials are now the largest generation of homeowners in the United States.

The increase in millennial homeownership is likely due to a number of factors, including rising wages, low interest rates, and a growing number of millennials reaching their 30s and 40s.

The study's findings are good news for the Palm Bay economy. Homeowners tend to spend more money in their communities than renters, which can boost local businesses and create jobs