What locations are desirable and how COVID-19 will likely change them
In most areas of the country spring usually brings in the period of time when homebuyers are most active, but COVID-19 halted the buying and selling of homes. Only recently has the market began to pick up and “For Sale” signs started popping back up.
The three most important words when you buy a house are “location, location, and location.” Yet, a location that’s perfect for a Baby Boomer is not the same as what a Millennial would want. COVID-19 could have everyone rethinking what their best location is. The internet is full of “Top 10” lists to help people decide where to buy their retirement home, but the National Association of Realtors took a new approach with their list on “The Top Ten Most Favorable Areas for Millennials During the Pandemic.”
The Three L’s: Location
The report from the NAR was released in early June of 2020. It examined the affordability of housing, inventory, employment conditions during COVID, and how many Millennials lived in the area. The areas that received high ratings for these categories were the ones to make the list.
The Top 10 Housing Markets for Millennials
In alphabetical order, the top ten markets for Millennial homebuyers during COVID-19 are as followed:
- Austin-Round Rock, Texas
- Dallas-Fort Worth-Arlington, Texas
- Des Moines-West Des Moines, Iowa
- Durham-Chapel Hill-Raleigh, North Carolina
- Houston-The Woodlands, Texas
- Indianapolis-Carmel-Anderson, Indiana
- Omaha, Nebraska and Council Bluffs, Iowa
- Pheonix-Mesa-Scottsdale, Arizona
- Portland, Oregon and Vancouver, Washington
- Salt Lake City, Utah
With an 8% increase in housing affordability, low mortgage rates, and Millennials accounting for the biggest portion of homebuyers, these ten areas will likely be in high demand.
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