Young and Thriving: Hot Markets for Today’s Millennials
Top 10 Real Estate Markets for Millennials: Cities to Buy in 2017
From 2006 to 2015, home ownership rates among millennials dropped from 40% to 32%. With rents at an all-time high and thousands of dollars in student debt burdening so many, that drop-off shouldn’t be that much of a surprise. But, there are certain markets around the country where millennials are driving the real estate market by choosing to buy instead of rent.
If you’re looking to move to a city where other millennials are also buying, here are the top real estate markets for millennials.
#10: Omaha, Nebraska
Of all of the cities included on this list, Omaha, Nebraska is the largest. It is attracting a lot of attention among millennials thanks to its thriving DIY arts scene, low cost of living, and an economy that is highly supportive for start-ups. For young people looking to start their independent lives from the ground up while living cheaply, few cities offer the opportunities of Omaha.
#9: Cleveland, Ohio
Cleveland’s appeal is much like that of Detroit; it offers millennials the opportunity to help a city rebound. In Cleveland’s case, a large number of millennials putting down roots here happen to be natives, returning home after college. These people feel that their hometown needs them, and thus, they return hoping to help bring the city back from the brink.
Today’s millennials are saddled by student loan debt, so they’re bypassing expensive gateway cities like New York City, Los Angeles, and Miami, and instead moving to secondary markets like Chattanooga, Tennessee. The city’s popularity is sparked by its affordable housing market, higher than average job growth, a burgeoning foodie scene, and the nation’s first city-wide 10-gig Internet.
Cary was a top city for millennials in 2016 and its popularity is holding. Cary boasts a booming economy and very low crime, two things important to those looking to start families. Housing affordability and options also make Cary a must-consider for any millennial wanting to own a piece of the American Dream.
San Antonio is considered a budget boom town. It offers affordable housing and one of the country’s lowest unemployment rates, thanks to its thriving technology sector. With its growing cultural scene, San Antonio is the perfect solution for those who just can’t afford the more expensive cost of living in Austin.
Millennials love moving to cities in need of support. They work hard to help their communities, and in Baton Rouge, that’s exactly what’s happening. Still reeling from Hurricane Katrina, the area around New Orleans is filled with empty lots and homes in need of repair. This makes them affordable options for those looking to satisfy their desire of owning a home and their need to help out a community they’re a part of. And, all of the cultural benefits of living so close to the Big Easy doesn’t hurt.
Bakersfield is fast being overtaken by millennials, thanks to its excellent culinary scene, good schools, plenty of festivals, and music. Bakersfield is often called Nashville-West thanks to its country music scene and it’s also home to one of the country’s most productive oil industries. In fact, Kern County is the nation’s number one oil producing county.
Roseville sits just a few miles from Sacramento, but it offers all of the benefits of living in the state capital without the high cost. Housing is more affordable in Roseville, and that, coupled with the beautiful weather, good schools, low unemployment rate, and abundance of recreational opportunities, makes this city a top pick among today’s millennials.
Once a small agricultural town, Elk Grove has grown into one of the most popular places for young Americans to move to. Why? Because it’s not only conveniently close to both Sacramento and San Francisco, but its housing is also a fraction of the cost of what’s available in those two cities. Elk Grove is not only a vibrant city with plenty of opportunities, it’s also ranked among the top 20 places to raise a family in California.
South Dakota’s largest city is also the most popular city among moving millennials in 2017. It has excellent schools, low crime, and plenty of recreational and cultural opportunities. It’s also ranked as one of the best cities in the country for raising children. Another reason why millennials love Sioux Falls? The city offers the allure of greater career gains and a better work-life balance thanks to its close-knit business culture.
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