Top 10 Markets for Millennial Buyers During the Pandemic
Millennials are the largest share of home buyers today, and they appear to be targeting certain metro areas for homeownership.
“As states and cities begin to reopen, millennials will play a significant role in the housing market’s recovery,” says Vince Malta, president of the National Association of REALTORS®.
Among the largest 100 metro areas in the country, NAR recently identified the top 10 millennial housing markets, factoring in current housing affordability, local job market conditions during the coronavirus outbreak, the share of millennials already living in the area, and inventory availability.
The following markets made NAR’s top 10 list for millennials (listed in alphabetical order):
- Austin-Round Rock, Texas
- Dallas-Fort Worth-Arlington, Texas
- Des Moines-West Des Moines, Iowa
- Durham-Chapel Hill-Raleigh, N.C.
- Houston-The Woodlands, Texas
- Indianapolis-Carmel-Anderson, Ind.
- Omaha, Nebraska/Council Bluffs, Iowa
- Phoenix-Mesa-Scottsdale, Ariz.
- Portland, Oregon/Vancouver, Wash.
- Salt Lake City, Utah
Three in 10 residents in these markets are millennials. Also, these markets had a smaller share of workers who are employed in industries most affected by the coronavirus during city and economic lockdowns.
Further, housing affordability tends to be better than national averages in these markets as well. Nationally, the typical household can afford to buy 40% of the homes listed for sale. That is up from 34% a year earlier, according to NAR and realtor.com®’s REALTORS® Affordability Distribution Score, which measures the affordability of homes currently for sale at different income levels.
Among the top 10 millennial markets that NAR identified, affordability has risen more so this year than it has nationally. A household earning $100,000 in Dallas, for example, can afford to purchase 56% of homes listed for sale. A year ago, that percentage stood at 45%.
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