Realtors Spot Top-10 Markets for Millennial Home Buyers

BUILDER

June 2, 2016

Much has been made about the delay in household formation and upward mobility that is keeping the millennial generation out of the first-time home buyer market. As the National Association of Realtors puts it, “A flurry of financial obstacles and lifestyle choices are stalling the journey to home ownership for many young adults.” The Realtors want to help.

To that end, the group on Thursday was out with an analysis of Census and other data that identifies the top-10 markets for millennial home buyers. The markets are defined as metro areas with steady job growth and lower qualifying incomes needed to buy and are ranked based on employment gains, population trends, income levels and housing conditions in the largest 100 metro areas across the country.

“Even with potentially higher incomes, prospective millennial home buyers residing in some of the most expensive cities in the country face the onerous task of paying steep rents while trying to save for an adequate down payment,” said Lawrence Yun, NAR chief economist. “However, for those currently living in or looking to move to a more affordable part of the country, there are metro areas right now with solid job growth and that offer a smoother path to home ownership.”