Where are Millennials buying homes?
While first-time homebuyers have resisted buying a home in recent years, there could be an increase in home buying from the Millennial generation in the coming years.
According to Realtor.org and research from the National Association of Realtors, current housing conditions, job creation and population trends can influence where Millennials could be purchasing homes in the near future.
The NAR said homeownership for those under 35 peaked in 2005 at 43 percent, but has recently fallen to 36 percent.
“Limited job prospects, student debt and flat wage growth have combined with tight credit conditions and low inventory to price Millennials out of some of the top cities such as New York and San Francisco,” Lawrence Yun, NAR chief economist said, according to Realtor.org.
However, Yun stated that there are metro areas Millennials are moving to where job growth and homeownership is more attainable. The top market, according to NAR, is Austin, Texas. Other top markets include Des Moines, Iowa; Colorado; California; and suburbs in Pennsylvania and New Jersey, among other metro areas.
A complete list of top 100 metro areas for Millennials can be found here: http://www.realtor.org/sites/default/files/reports/2014/2014-millennials-100-metro-areas.pdf