Friday, July 25, 2014

NAR Identifies Best Purchase Markets for Aspiring Millennial Homebuyers



WASHINGTON, D.C. (Realtor.org) – Austin and Dallas are among the ten U.S. cities best positioned to have increases in homebuying from Millennials in upcoming years, according to new research by the National Association of Realtors (NAR).

In fact, Austin, along with Salt Lake City, was identified as a "top standout" for Millennials because of its young adult population, solid job growth rates (for more good news, check out what Forbes magazine had to say this week about Texas job growth) and relatively affordable home prices.

Those were some of the key factors the association looked at when it analyzed 100 metro areas that have a large Millennial presence. Also making the top ten were Denver, Des Moines, Grand Rapids, Minneapolis, New Orleans, Ogden (Utah), and Seattle.

NAR Chief Economist Lawrence Yun said the homeownership rate for young adults under the age of 35 peaked in 2005 (43 percent) and fell to 36 percent in first quarter 2014.