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Middle-tier metros hit millennial homebuyer sweet spot

A new report from NAR identified the best purchase markets for millennial homebuyers
  • A new report from the National Association of Realtors identified the best purchase markets for millennial homebuyers by evaluating job growth, population trends, income levels and housing conditions.
  • While California and New York saw a huge surge in millennials flock to major metros during the early stages of the economic recovery to land fancy jobs, the higher cost of living made it hard to purchase a home.
  • Middle-tier cities such as Austin, Texas, Denver and even Washington, D.C., address the major obstacles millennial's face with affordability and savings without compromising on culture.

At the place where favorable employment opportunities and reasonable cost of living converge lies an opportunity for young professionals to buy homes without totally compromising on lifestyle. A new report from the National Association of Realtors (NAR) identified the best purchase markets for millennial homebuyers by evaluating job growth, population trends, income levels and housing conditions in the largest 100 metropolitan statistical areas nationwide. The sweet spot for this demographic, according to the analysis, can be found in those middle-tier cities that address the major obstacles millennials face with affordability and savings. Therefore, the top 10 offer steady job growth and don't require sky-high qualifying incomes to buy a house. “Even with potentially higher incomes, prospective millennial homebuyers residing in some of the most expensive cities in the country face the onerous task of paying steep rents while trying to save for an adequate down payment,...