Best Housing Markets for Millennials

Great information from Bob Roberts, of Gracy Title regarding the Austin home market.

 

Jim Young, CCIM, Broker

Longbow Real Estate Group

West Point ‘94

11701 Bee Caves Road, Ste 250

Austin, TX 78738

jim@longbowRE.com

Twitter: @jimyoungCRE

512-565-7509

Connect With Me On LinkedIn

 

-Closed 66,000 SF Retail Center: ABJ Article-

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Any surprise that Austin is NUMERO UNO?

 

Millennials today make up the largest population cohort ever recorded in U.S., with an estimated 83 million in the 18 to 34 year old range.   While many industry observers note that Millennials are not becoming homebuyers as did past generations, they also need to consider than their largest age group within Millennials is 24 years old, then 23 and 25.   The National Association of Realtors® reported that the median age of 1^st time homebuyers is 31, thus the lack of  Millennial homeowners thus far is normal since as a group they, still are shy of the age at which most people buy a property for the first time. 

 

Millennials are having a material impact in many markets across the country, however.  To examine where that is happening, The National Association of Realtors® (NAR) completed an analysis of the top 100 metro areas.  Factors in their analysis included:

 

·         Percent of Millennials in Total Population (2014)

·         Percent of Millennials Movers to All Movers (2014)

·         Employment Growth March 2014 to March 2015

·         Medium Household Income of Millennial Movers

·         Qualifying Income of First-Time Homebuyers

·         Millennial Movers Homeownership Rate (2014)

·         Change of Homeownership Rate of Millennials Movers 2013 to 2014

 

So what are the best markets for Millennial homebuyers based on NAR’s metrics? 

 

 

To read NAR’s finding click http://realtormag.realtor.org/daily-news/2016/06/03/10-best-markets-for-millennials

 

To view the attributes and metrics on Millennial Housing in the top 100 U.S. markets click http://narnewsline.blogs.realtor.org/files/2016/06/Millennial-Markets-Analysis-of-100-Metro-Areas-2.pdf

 

Millennials do have homeownership as a goal – just give them time to reach an age that is more typical among first-time homebuyers.

 

Kudos to NAR for this study.

 

Bob Roberts Senior Vice President 901 South Mopac, Building III, Suite 100, Austin, TX 78746 cell: 512.775.5111 | office: 512.322.8709 | e-mail: bob.roberts@gracytitle.com