AgentBrokerage

Are millennial buyers being forced out of the urban areas they prefer?

Although NAR says these buyers are growing up, some agents and brokers say they're being priced out
  • NAR reported that 35 percent of buyers in the time surveyed were 35 years old or younger -- the largest group of homebuyers -- and that they are increasingly buying homes in suburban areas.
  • Anecdotal evidence indicates that millennials are doing this not because they are maturing and want to live in the suburbs, but because they're being priced out of their preferred urban neighborhoods.

I have some anecdotal evidence that the answer to the question in the headline is "yes." Although I'm a (very old) millennial who moved to a city suburb by choice, two of my friends who bought homes last year -- both of whom had been renting at Denver addresses -- purchased property in Lakewood. After looking in Denver, both friends (actually, two sets of married couples, with dual incomes and steady jobs) realized they couldn't afford city prices and decided to commute. Is this a trend? NAR says 'yes' ... to half the hypothesis This is in keeping with the latest National Association of Realtors (NAR) Home Buyer and Seller Generational Trends study, released last week. NAR reported that 35 percent of buyers in the time surveyed were 35 years old or younger -- the largest group of homebuyers. “Overall, the majority of buyers in all generations continue to purchase a single-family home in a suburban area, and the younger the buyer, the older the home they purchased,” reporte...