Best Purchase Markets for Millennial Home Buyers
NAR, the National Association of Realtors has identified the best purchase markets for aspiring millennial home buyers. According to NAR, Grand Rapids is one of the TOP markets in the country for Millennials or First Time Home Buyers. The Grand Rapids housing market is strong and home ownership is very attainable. Interest Rates are still low as well and even though prices have been increasing, housing is very affordable.
Read the rest of the article at Realtor.org.
WASHINGTON (July 24, 2014) – First-time home buyers have been largely absent from the housing market in the current economic recovery, but some metropolitan areas – particularly in the Midwest and West – are well positioned to see increases in home-buying from the Millennial generation in upcoming years, according to new research by the National Association of Realtors®.
NAR analyzed current housing conditions, job creation and population trends in metropolitan statistical areas1 across the U.S. to determine the best markets for aspiring, leading edge Millennial2 home buyers. Austin, Texas and Salt Lake City were identified as top standouts for Millennials for having a young adult population with solid job growth rates and still relatively affordable home prices. Seven of the 10 metro areas recognized are in the Midwest and West.
Lawrence Yun , NAR chief economist, says the homeownership rate for young adults under the age of 35 peaked in 2005 (43 percent) and fell to 36 percent in the first quarter of 20143.
“Limited job prospects, student debt and flat wage growth have combined with tight credit conditions and low inventory to price Millennials out of some of the top cities such as New York and San Francisco,” he said. “However, NAR research finds that there are other metro areas Millennials are moving to where job growth is strong and home ownership is more attainable. These markets are well-positioned to soon experience a rise in first-time buyers as the economy improves.”
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