The millennial generation is the largest living age group in the U.S., surpassing even the baby boomer generation, according to the Pew Research Center. In 2016, millennials are typically defined as those people between the ages of 19 and 35, totaling 75.4 million millennials.
According to the National Association of Realtors, more than one-third of home buyers fall into this age category. However, many industry professionals have noticed that the average millennial isn’t necessarily looking for a home in the same way his or her parents or grandparents did.
“More than one-third of home buyers are millennials.”
Millennials are looking to settle down in a place that meets their expectations. There should be a good atmosphere with fun things to do and plenty of good job opportunities to pursue, but the typical first time home buyer is also looking to find a low cost mortgage. With this in mind, millennials have begun to live in certain places across the U.S.
According to SmartAsset, since 2005, Cary, North Carolina, welcomed a 3.3 percent increase of home buyers under the age of 35. This is the third-largest increase for a city in the U.S. This may be because of its relative affordability. While the U.S. Census found that the median U.S. home price in March 2016 was $288,000, Trulia reported the median home price in Cary is $280,000.
Plus, Cary’s proximity to the Research Triangle – made up of Raleigh, Duram and Chapel Hill – offers many intelligent young people well-paying jobs, Forbes contributor David Kroll explained.
Less than a three-hour drive away from the city is Charlotte, which is also seeing an influx of young home buyers, according to Realtor.com. The website noted that Charlotte ranked No.2 among the 25 largest cities for population growth in the U.S. for four years in a row, and has 13.1 percent of the population share of millennials age 24-35. The median home price is less than that of Cary’s, coming in at $230,000, which likely contributes to the many millennials buying homes in the area.
There are many things that could be drawing millennials to Memphis, like the great barbeque or the blues scene. Realtor.com says the home prices have a lot to do with the rapid growth of the 24- to 35-year-old population. The median home price is $164,000, and the city has a 13.5 percent share of older millennials.
If you drive just three and a half hours west, you’ll find Clarksville, Tennessee, another popular place for millennials to settle down, according to SmartAsset. About 50,000 millennials live in the city, and just over one-third of them are homeowners. This is the highest percentage of any Tennessee city, while many other nearby popular hotspots have seen a decline in young homeowners.
Texas is generally known for big things: big skies, big fields, big hats. But one thing millennials are noticing is that, in terms of home prices, “big” isn’t the adjective to use.
SmartAsset explained that residents of Amarillo, Texas, have some of the lowest housing costs in the country. This could explain why many millennials are opting to settle down in this panhandle city.
Further south is Corpus Christi, also offering inexpensive housing costs. The price-to-rent ratio here is only 13.14:1, making buying a more economical decision than renting. This probably contributes to the 1.8 percent increase in young homeowners.
Additionally, Texas is one of the few states that don’t have income tax, something residents are likely pretty happy about.
Finding the right city to settle down in is important. To learn about what mortgages are available to you in your city, contact the professionals at Lenox/WesLend Financial or call 844-225-3669. As heard on the radio, it’s the biggest no-brainer in the history of mankind.