High home prices along with strong demand have today's youngest homebuyers moving to smaller cities — and that could mean a boom for local economies and home values in those markets.
For example, Madison, Wisconsin is a new mecca for millennials, according to a recent study from the National Association of Realtors, which ranked the top millennial housing markets based on both their high share of current young residents and of millennials moving in. Three out of four recent transplants to Madison were millennials and they have mostly stayed in the area, giving the city an overall high millennial population.
"I love being able to bike to work. You can get anywhere you need to go. There's lots of music venues," said Rohm. "When you're walking around Madison downtown, you see young people all over the place.", a software company based in San Francisco, but which opened its new Midwest hub in Madison last October.
Christopher Ziegler, a real estate agent with Redfin, has seen the makeup of Madison change dramatically in a very short period of time."It is surprising to see this city grow into what it has become, but it's starting to make more and more sense just because of all of the tech jobs that we're offering, the UW campus that we have, and just the amazing culture," said Ziegler.
In the majority of the top ten millennial markets, the unemployment rate is lower than the national average, and home prices are generally lower. Based on average income, millennials in these markets can afford to buy one out of four homes listed for sale. In Oklahoma City, they can afford 30%. By comparison, millennials can afford just 10% of the homes in Dallas, 13% in Boston and barely 2% in San Diego.
While a massive wave of millennials are reaching the typical homebuying age, fewer are able to afford it than previous generations at their age. Nearly 45 million Americans will reach the typical age for first-time homebuyers in the next 10 years, 3.1 million more than in the 10 years prior, according to a recent analysis by Zillow. Over the last 5 years, however, prices for starter homes have jumped 57% and inventory is down 23%. As demand surges, the situation can only get worse.
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