Millennial Home Buyers
The youngest generation of home buyers, Millennials, also known as “Generation Y,” are those born between the early 1980s and the mid- to late-1990s. Like other generation groups, Millennials believe that homeownership is part of the American Dream.
Limited job prospects and student loan debts have made it challenging for Millennials to save for a downpayment and take advantage of low interest rates in the current economic recovery.
NAR has identified markets where job growth is strong and homeownership is most attainable for aspiring Millennial buyers.
Best Purchase Markets for Millennials
To determine the best purchase prospects for young buyers, NAR analyzed 100 metro areas that have a large Millennial presence, solid local job market conditions, and strong migration patterns of young adults moving to those particular areas. Housing affordability and inventory availability were also considered.
Data on Millennials and Metro Areas
- The best purchase markets for aspiring Millennial homebuyers
- View all 100 metro areas NAR analyzed for Millennial buyers
- Top Five Affordable Cities for Millennial Homebuyers
- Best Purchase Markets for Millennial Homebuyers
- Home Buyers and Sellers: Generation Y
- Field Guide to Millennial Home Buyers
- Median home price, median family income and average mortgage interest rate are the key factors that impact housing affordability. See the current affordability conditions for first-time homebuyers.
- Metropolitan Median Area Prices and Affordability
- Housing Affordability Index
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