10 Cities Where Millennials Are Buying Homes
When its time for millennials to buy a home they are looking hardest for a place they can afford and such places typically do not include the higher priced coastal cities. Here are the 10 cities where millennials are taking…
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When the time comes for the millennial generation to buy a home, their top consideration is not amenities like nightlife but affordability. Duh. After all, having sufficient income to buy in San Francisco or New York is out of range for most potential homebuyers between the ages of 22 and 36.
So, where are they going? To answer that question, researchers at Realtor.com calculated the share of millennials who bought homes over the past year in the country’s 200 largest housing markets.
Unsurprisingly, none of the top 10 cities is among the most expensive cities in the United States. Roger Ma, a real-estate agent and owner of Life Laid Out, commented:
At the end of the day, it comes down to what they can afford. They might have started their careers in very expensive metros areas like [Washington] DC or San Francisco. But as they age, they often want to settle down and look for a home in a reasonably priced location.
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Here are the 10 cities that are attracting the most millennial buyers along with the median listing price and the percentage of mortgages issued to millennials.
1. Appleton, Wisconsin
> Median listing price: $150,000
> Percentage of millennial buyers: 57.0%
2. Des Moines, Iowa
> Median listing price: $294,000
> Percentage of millennial buyers: 56.9%
3. Utica, New York
> Median listing price: $139,500
> Percentage of millennial buyers: 56.8%
4. Provo, Utah
> Median listing price: $376,700
> Percentage of millennial buyers: 56.5%
5. Duluth, Minnesota
> Median listing price: $175,000
> Percentage of millennial buyers: 56.3%
6. Lafayette, Louisiana
> Median listing price: $210,100
> Percentage of millennial buyers: 56.3%
7. Lancaster, Pennsylvania
> Median listing price: $275,000
> Percentage of millennial buyers: 56.0%
8. Kalamazoo, Michigan
> Median listing price: $245,100
> Percentage of millennial buyers: 55.5%
9. Lincoln, Nebraska
> Median listing price: $313,800
> Percentage of millennial buyers: 55.4%
10. Evansville, Indiana
> Median listing price: $170,800
> Percentage of millennial buyers: 55.2%
Visit the Realtor.com website for more information and details on these popular cities.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
