Best Purchase Markets for Millennial Homebuyers

In our recent study, we identified the best purchase markets for Millennials. Looking at the economic and housing conditions of the metropolitan areas with a larger proportion of Millennial households living and moving in the previous year ⁽¹⁾, these are the key factors that made those areas attractive to them:

-Strong employment growth and decent wages for Millennials,

Our top ten cities had stronger employment growth than the national level. Moreover, housing affordability sets the stage for homeownership. Income for Millennials was higher than qualifying income ⁽²⁾ – what will be needed to buy a first-time home – and in several of those metro areas we are already seeing that Millennials have moved to a house that they own.

Thus, members in these metro areas are likely to experience a boost in market activity from Millennial Homebuyers.

Here are the top 10 Purchase Markets for Millennial Homebuyers:

^{1 - U.S. Census Bureau, American Community Survey 2014
2 - Qualifying Income for First-Time Homebuyers was calculated based on 10% down payment and 85% of the median home price.}