- In the
majority of the top 10 millennial markets, the unemployment rate is
lower than the national average and home prices are generally lower.
- Based
on average income, millennials in these markets can afford to buy 1 out
of 4 homes listed for sale. In Oklahoma City, they can afford 30%.
- By comparison, millennials can afford just 10% of the homes in Dallas, 13% in Boston and barely 2% in San Diego.
High home prices along with strong demand have today’s youngest homebuyers moving to smaller cities — and that could mean a boom for local economies and home values in those markets.
For example, Madison, Wisconsin, is a new mecca for millennials, according to a recent study from the National Association of Realtors, which ranked the top millennial housing markets based on both their high share of current young residents and of millennials moving in. Three out of 4 recent transplants to Madison were millennials and they have mostly stayed in the area, giving the city an overall high millennial population.
The growth is partly due to a burgeoning tech sector as well as the growing popularity of the University of Wisconsin with out-of-state students. Google recently announced it was expanding its Madison offices.
Garrick Rohm, 30, just bought a condominium in Madison. He was renting but decided that it was time to make a longer-term commitment to the area.
“I love being able to bike to work. You can get anywhere you need to go. There’s lots of music venues,” said Rohm. “When you’re walking around Madison downtown, you see young people all over the place.”...
RSK: I think we knew we were a magnet but didn`t think we were #1. I do see a slight problem with affordable housing in Madison and that alone could change things. However, plenty of upscale apartments in and near downtown/campus...
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- - Volume: 7 - WEEK: 19 Date: 5/7/2019 9:41:02 AM -