best purchase markets for aspiring millennial home buyers

8/16/2019 Best Purchase Markets for Aspiring Millennial Home Buyers

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Best Purchase Marketsfor Aspiring

Millennial Homebuyers

NAR Research

June 201


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Best Purchase Markets

for AspiringMillennial Homebuyers

NAR Research June 201

!201 National Association of R"A#$%R&' All Rights Reser(e)*

May not be reprinte) in +hole or in part +ithout permission of the National Association of R"A#$%R&'*

,or reprint information- contact )ata.realtors*org*


3/15

$op 10 Metropolitan Areas Austin, TX

Charleston, SC

Denver, CO

Minneapolis, MN-WI

Ogden, UT

Portland, O-WA

aleigh, NC

Salt !a"e Cit#, UT

Seattle, WA

Washington, DC-$A-MD-W$


4/15

Austin- $/

&hare of Millennial Mo(ers %&'() ualifying ncome *(+,+

Me)ian Househol) ncome *.,/.0

-It is not ar1itrar# that Austin is 2alled the 3live 4usi2 2apital o5

the 6orld3' While Millennials o5ten 6ant to live in 3vi1rant3 pla2es, Austin had the largest nu41er o5 Millennials living 7./)8 and4oving 7%&)8 in the area a4ong the .00 largest 4etro areas'

- Austin also is 2alled the 3Sili2on 9ills3 1e2ause o5 the2on2entration o5 te2h giants ' ;4plo#4ent gre6 tre4endousl#7('&)8 over the .%-4onth period ending in Mar2h %0. pushingthe 4edian household in2o4e up and ena1ling Millennials to 1u# aho4e' Median household in2o4e o5 Millennial 4overs 6as a1ove*(,%00 6hi2h 6as the national level 5or this group in %0.('


5/15

3harleston- &3

&hare of Millennial Mo(ers %(') ualifying ncome *(.,+&

Me)ian Househol) ncome *(


6/15

4en(er- 3% &hare of Millennial Mo(ers %


7/15

Minneapolis- MN56

&hare of Millennial Mo(ers %


8/15

%g)en- 7$

&hare of Millennial Mo(ers %(') ualifying ncome *%&,00

Me)ian Househol) ncome *(,0/

-%g)en is a s4all 4etro area 6hi2h has one o5 the 1est 2o41inationso5 lo6 ho4e pri2es and a relativel# high 4edian household in2o4e'

In %0.(, Millennials 6ho 4oved re2entl# earned al4ost t6i2e as4u2h the uali5#ing in2o4e 5or >rst-ti4e ho4e1u#ers in the area'

- A4ong the .00 largest 4etro areas, Ogden had the highestho4eo6nership rate 5or Millennials 6ho 4oved re2entl# 7(0)8'Millennials 2hoose to live and 4ove in the area 6here houses are

a?orda1le and @o1 gro6th has 1een tre4endous 7'0)8' ;4plo#4entgre6 three ti4es as 4u2h nation6ide'


9/15

Portlan)- %R56A

&hare of Millennial Mo(ers %'


10/15

Raleigh- N3 &hare of Millennial Mo(ers %'


11/15

&alt #ake 3ity- 7$

&hare of Millennial Mo(ers %


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&eattle- 6A

&hare of Millennial Mo(ers %&'0) ualifying ncome *(,(

Me)ian Househol) ncome *(,%&(

-With re2ord-high pri2es in Sili2on $alle#, &eattle haseperien2ed the se2ond highest inBu o5 Millennial 4oversa5ter Austin'

-;4plo#4ent gro6th in the area is ver# pro4ising 7+'+)8 andhigher than the national gro6th'

-Co4paring the 4edian household in2o4e 6ith the uali5#ingin2o4e 5or >rst-ti4e ho4e1u#ers, nearl# hal5 o5 Millennials2an a?ord to 1u# a ho4e' Also, the share o5 Millennial 4overs6ho 1ought a house in %0.( in2reased ('() over %0.+ 6hilethe average in2rease 6as .)'


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6ashington- 4358A5M4568

&hare of Millennial Mo(ers %/'+)

ualifying ncome *&,


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Honorable Mention Metro Areas

=oston, MA-N9

Dallas, TX

Des Moines, IA

a2"sonville, E!Nashville, TN


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4ataMetropolitan Area &hare of

Millennials to the$otal

Population 9201:;

&hare of

MillennialMo(ers toMo(ers ofany age9201:;

"mployme

nt 201?5=>201;

Me)ian

Househol) ncomefor

Millennial Mo(ers9201:;

ualifying

ncomefor ,irst5$ime

Homebuyers 9201:;

Homeo+ners

hip Rate ofMillennialMo(ers9201:;

3hange of

Homeo+nership Rate forMillennial

Mo(ers9201=5201:;

Austin, TX .

best purchase markets for aspiring millennial home buyers

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