Top 10 Most Favorable Areas for Millennials During the Pandemic

With record low mortgage rates, housing is becoming more affordable. Nationwide, affordability increased by 8% in April 2020 compared to a year earlier, according to the REALTORS® Affordability Distribution Score, a collaboration between the National Association of REALTORS® and realtor.com®, which measures the affordability of current for-sale homes overall as well as at different income levels. At the same time, Millennials made up the largest cohort of homebuyers. With a strong desire to buy a home for their families, Millennial homebuyers can benefit from low mortgage rates.

The National Association of REALTORS® identified the top 10 markets with excellent opportunities for Millennial homebuyers; the current report analyzed current housing affordability conditions, the presence of Millennials in the area, local job market conditions during COVID-19 pandemic conditions, and inventory availability in the largest 100 metropolitan statistical areas across the country.

These top 10 markets were chosen for their above-average scores in improving affordability, relatively better inventory availability, the strong presence of millennial residents, a lower share of the industries most affected by the lockdown, and fewer job losses during the pandemic than the average.

The National Association of REALTORS® identified the top 10 markets with excellent opportunities for Millennial homebuyers; the current report analyzed current housing affordability conditions, the presence of Millennials in the area, local job market conditions during COVID-19 pandemic conditions, and inventory availability in the largest 100 metropolitan statistical areas across the country.

U.S. Map: Top 10 Metro Areas for Millennial Homebuyers During the Pandemic

Download the full report

Read the news release

Advertisement

Related Content

Research Reports

Use the data in these reports to improve your business through knowledge of the latest trends and statistics.