By Jacob Passy | MarketWatch
Young homeowners in China and Mexico have the U.S. beat.
A recent report from HSBC found that 70% of millennials in China and 46% of Mexican millennials own a home versus 35% of young adults in the U.S. Young people in China are benefiting from wage growth that is projected to outpace the rate of home price appreciation set last year. And the U.S. doesn’t just fall behind China — France (41%) also came out ahead. In the United Arab Emirates, only 26% of millennials own a home, and Australia does only slightly better at 28%. (The average millennial U.S. homeownership rate in a separate WalletHub study rested around 40%.)
In the U.S., the Land of 10,000 Lakes should probably go by the Land of Lennies. In Minnesota, almost 50% of millennials own a home, a greater share than in any other state in the country, according to a separate report from WalletHub. Close behind were West Virginia (49%) and Iowa (48%). The District of Columbia rated the lowest on that list, with only 23.5% of millennials owning property there. Other states with more muted levels of millennial homeownership, including Hawaii, New York, Rhode Island and Oregon.