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.
Article image credited to Abigail Keenan / Unsplash.com
- 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.
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As millennials flock to major metros for professional and recreational opportunities, their chances of being able to buy a home appear to be more limited than they assume. Considering the abundance of research on this generation that aims to understand how their mindset, goals and priorities will impact the future, the implications here boil down to what will happen if and when millennials realize they can’t afford to buy a home where they currently reside.
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Our research indicates that the vast majority of millennial renters (79 percent) want to purchase a home, but that affordability is the biggest obstacle that they face.
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