How Do Binghamton Millennials Compare To The Rest of The Country
Millennials are people born between 1981 and 1996 and I have one millennial still at my house. There are over 72 million millennials and they have surpassed the Baby Boomer as the largest living adult generation.
There's a new report that looks at millennial incomes and homeownership across the United States. Not surprisingly (at least to me) homeownership rates have lagged behind that of the older generations. Mostly because home prices have risen more than their income.
In 2019, the average annual income for a full-time working millennial was $42,000, and that left many millennials struggling to afford a house. The homeownership rate in the US was over 64% and the rate for millennials was only 40%
So how does Binghamton rate in the study? The Binghamton millennial is making less than the national average but not by a lot. The average income is at $41,797, so it's only a few hundred dollars less than the national average.
However, the biggest difference is in home prices. The average cost of a house in the entire United States is almost $260,000 but in the Binghamton area, it's a much more reasonable $127,500.
With houses selling over $100,000 less in our area, you would think that more millennials would own their own home. Not true. While 40% of millennials own homes across the country, only 36% of millennials own a house in the Binghamton area.
I guess I need to get my millennial out of my house and into his own so we can bring the Binghamton average up. To see the best paying jobs and places to live for millennials, go here.
By the way, if you're a millennial that's looking for a place that's close to home that pays well, you'll be happy to know that Utica made it in the top ten.