Top 10 Cities that are Millennial Magnets

By
Real Estate Broker/Owner with NextHome Antonelli Realty 3137972

The realtor.com economic data team analyzed the 60 largest U.S. cities and how much millennials were checking out listings in those areas, compared with the national average, from August 2016 to February 2017.

 

"Buyers under 36 now make up the biggest chunk of Americans signing on the line: 34% of all home buyers, according to the National Association of Realtors®. And they make up 64% of first-time home buyers (even though they only account for 13% of the population)".

 

"As America’s largest and youngest adult generation", millennials are making a big impact on society. They are increasingly becoming homebuyers.  It is important to know where they are looking to buy. Millennials are shopping quickly and spending money on what they want.  

 

1. Salt Lake City, UT

Median home price: $360,000

Percentage of income needed to buy a home*: 30%

Unemployment rate: 2.9%

2. Miami, FL

Median home price: $370,000

Percentage of income needed to buy a home: 49%

Unemployment rate: 5.1%

3. Orlando, FL

Median home price: $279,000

Percentage of income needed to buy a home: 34%

Unemployment rate: 4.4%

4. Seattle, WA

Median home price: $455,000

Percentage of income needed to buy a home: 36%

Unemployment rate: 4.2%

5. Houston, TX

Median home price: $310,000

Percentage of income needed to buy a home: 36%

Unemployment rate: 5.4%

6. Los Angeles, CA

Median home price: $672,000

Percentage of income needed to buy a home: 64%

Unemployment rate: 4.7%

7. Buffalo, NY

Median home price: $158,000

Percentage of income needed to buy a home: 23%

Unemployment rate: 5.6%

8. Albany, NY

Median home price: $250,000

Percentage of income needed to buy a home: 27%

Unemployment rate: 4.5%

9. San Francisco, CA

Median home price: $849,000

Percentage of income needed to buy a home: 56%

Unemployment rate: 3.7%

10. San Jose, CA

Median home price: $950,000

Percentage of income needed to buy a home: 53%

Unemployment rate: 3.7%

 

Interested in moving to #3 Orlando. Give us a call. 

NextHome for Millennials

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Rainmaker
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Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker and Attorney Licensed in DC, MD, VA,

thanks for sharing this information - it is good to know what cities are big with millenials! 

Apr 03, 2017 06:35 PM #1
Rainmaker
468,030
Colleen Fischesser Northwest Property Shop
RE/MAX Advantage L.C | Managing Broker - Chelan, WA
A Tradition of Trust in the Pacific NW since 1990!

I don't know how much longer Seattle will be a magnet for millenials. They are being priced out of the market, over-paying and many are having buyer's remorse. The surrounding communities will benefit soon in my opinion ;-)

Apr 03, 2017 06:45 PM #2
Rainmaker
3,681,006
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

This is good information. I am sorry Philadelphia is not on the list.

Apr 03, 2017 07:10 PM #3
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Rainmaker
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Paul Antonelli

Broker Owner; NextHome Antonelli Realty
All our listings are FEATURED on Zillow, Trulia
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