The Top 10 Places to Buy a Home for Millennials
What Locations Are Desirable — And How COVID-19 Will Likely Change Them
In most parts of the country, spring typically marks the busiest time for homebuyers. However, the COVID-19 pandemic brought home buying and selling to a standstill. Only recently has the housing market begun to rebound, and we’re starting to see “For Sale” signs popping up once again.
We’ve all heard it before: the three most important words in real estate are “location, location, location.” But what’s considered the ideal location varies between generations. A perfect spot for a Baby Boomer may not appeal to a Millennial—and now, COVID-19 has many rethinking what their best location might be.
The internet is full of “Top 10” lists to help people decide where to live, especially in retirement. But the National Association of Realtors (NAR) took a new approach with their list: The Top Ten Most Favorable Areas for Millennials During the Pandemic.
The Three L’s: Location
In June 2020, NAR released a report that examined:
Housing affordability
Housing inventory
Employment conditions during COVID-19
Millennial population concentration
The areas that scored high in these categories made their way onto the NAR’s top 10 list.
The Top 10 Housing Markets for Millennials (During COVID-19)
Here are the cities that ranked most favorable for Millennial homebuyers during the pandemic, listed alphabetically:
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
Phoenix-Mesa-Scottsdale, Arizona
Portland, Oregon and Vancouver, Washington
Salt Lake City, Utah
With an 8% increase in housing affordability (largely due to historically low mortgage rates), and Millennials now making up the largest segment of homebuyers, these ten areas are expected to remain in high demand.
If you’re reconsidering your location in light of the changes COVID-19 has brought to the housing market—and your own priorities—it might be time for a conversation with a financial advisor. Whether you’re buying your first home or your dream retirement home, we’re here to help you plan.
If you’re reconsidering your location in light of the changes COVID-19 has brought to the housing market—and your own priorities—it might be time for a conversation with a financial advisor. Whether you’re buying your first home or your dream retirement home, we’re here to help you plan.
Get in touch with us at info@nestfinancial.net to schedule a conversation and explore your options.