Where are the best markets for aspiring Millennial homebuyers? New NAR research identifies ten metropolitan areas that have a young adult population with solid job growth rates and relatively affordable home prices.
- Austin already has a large number of Millennials while job growth remains strong.
- Dallas has a large number of Millennials living in the city and strong job growth.
- Denver has seen a solid inflow of Millennials while it shows promising job growth and gains in median home prices.
- Des Moines has a large number of Millennials moving to the city and a low unemployment rate.
- Many Millennials have moved to Grand Rapids where job growth is strong and homes are very affordable.
- Minneapolis has experienced a solid inflow of Millennials and has a growing inventory of homes for sale.
- Millennials have been moving to New Orleans where the unemployment rate has shown significant improvement.
- Large numbers of Millennials live in Ogden where the unemployment rate is low and inventory conditions are favorable.
- Salt Lake City has a low unemployment rate and inventory choices are expanding.
- Millennials continue to move to Seattle where the inventory of homes for sale is expanding and unemployment is falling.
Sources: Share of Millennials to the total Population and Share of Millennial Movers to Movers of any age (American Community Survey), Median Price Growth and Affordability Index (NAR), Inventory Change (realtor.com), Growth in Private Payroll Jobs and Unemployment Rate (U.S. Bureau of Labor Statistics).
See more information about Millennial home buyers.