Sunday, October 19, 2014

Best Cities for Millennial Homebuyers

According to a report from the National Association of Realtor:

Austin,Texas
Median home price: $226,000
Job growth: 4.2%
About 110 people are moving to Austin every day -- and many of them are under the age of 35.

Grand Rapids, Michigan
Median home price: $123,000
Job growth: 4.2%
Between 2010 and 2012, nearly 27% of new residents were between the ages of 24 and 35.

Dallas, Texas
Median home price: $175,000
Job growth: 3.9%
Home prices are about 9% cheaper than the rest of the country.

Des Moines, Iowa
Median home price: $153,000
Job growth: 3%
The area's low unemployment rate has attracted many Millennials, with 29% of new residents under the age of 35. That's compared to 23.5% nationally.

Ogden, Utah
Median home price: $184,000
Job growth: 2.7%
This small metro area north of Salt Lake City has one of the best combinations of low home prices and higher than average incomes in the nation.

While home prices have risen roughly 9% over the past year, homes are still far from expensive: the median home price is $184,000. Meanwhile the median income is $68,500.

That has attracted a lot of newcomers to the area, about 30% of whom are Millennials.

Denver, Colorado
Median home price: $288,000
Job growth: 2.7%
Median household income almost 20% higher than the national median

Seattle, Washington
Median home price: $340,000
Job growth: 2.6%
Between 2010 and 2012, 28% of all people moving into the city were Millennials.

New Orleans, Louisiana
Median home price: $158,000
Job growth: 2.5%
The Big Easy has experienced a huge "brain gain" since Hurricane Katrina, according to Ben Johnson, president of the New Orleans Chamber of Commerce.
the unemployment rate is only 4.8%.

Salt Lake City, Utah
Median home price: $233,000
Job growth: 2.4%
Unemployment is below 4%.
The city also ranked number one in a Harvard study of upward mobility, surpassing Silicon Valley havens like San Jose and San Francisco, as well as Boston and New York.

Minneapolis, Minnesota
Median home price: $188,000
Job growth: 1.5%

(via CNNMoney)

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