Where are millenniums buying homes?
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Denver is in 9th place, with a Median list price of $449K and a population share of older millennials of 14.9%[/caption]
The millennial generation is 43.5 million strong, and they are expected to make a big splash in the housing market. The older group of millennails – those in the 25 to 34 age group, comprise 13.6% of the U.S. population alone and are 30% of the current population of existing home buyers.
For us,
Denver is in the top 10, with a median list price of $449K and a population share of older millennials of 14.9%. So where are millenniums buying homes? One of those places is Denver!
“In 2016, millennials have the power to remake the real estate landscape wherever they choose to settle,” according to a recent article at realtor.com®.
Most Likely
Realtor.com®’s research team recently highlighted the top 10 markets that will likely see a surge in millennial home buyers in 2016. The rankings factor in 2016 sales and price projections, the representation of millennial users among viewers of realtor.com®’s “for sale” listing pages, and the share of households aged 25 to 34 compared to all heads of households. Here are the metros that emerged to the top of the list:
1. Atlanta
Median list price: $234,000
Population share of older millennials (24 to 35 years old): 13.6%
2. Pittsburgh
Median list price: $149,000
Population share of older millennials: 12.3%
3. Memphis, Tenn.
Median list price: $164,000
Population share of older millennials: 13.5%
4. Boston
Median list price: $408,000
Population share of older millennials: 13.8%
5. Austin, Texas
Median list price: $367,000
Population share of older millennials: 16.5%
6. San Diego
Median list price: $585,000
Population share of older millennials: 15.5%
7. Seattle
Median list price: $398,000
Population share of older millennials: 14.9%
8. Houston
Median list price: $312,000
Population share of older millennials: 14.4%
9. Denver
Median list price: $449,000
Population share of older millennials: 14.9%
10. Charlotte, N.C.
Median list price: $230,000R
Population share of older millennials: 13.1%
Least Likely
Meanwhile, Realtor.com® also found a few markets that likely will see the fewest number of millennials buying homes in 2016. In the following five places, the number of mortgages purchased in 2015 by 25 to 34 year olds was below average and few members of that age group were looking at listings on realtor.com®.
1. Jacksonville, Fla.
Median list price: $228,000
Population share of older millennials: 13.5%
2. Phoenix
Median list price: $290,000
Population share of older millennials: 13.8%
3. Port St. Lucie, Fla.
Median list price: $248,000
Population share of older millennials: 10.2%
4. Spokane, Wash.
Median list price: $214,000
Population share of older millennials: 13.5%
5. Stockton, Calif.
Median list price: $308,000
Population share of older millennials: 13.3%
Source: “Where’s Hot – Where’s Not – for Home-Buying Millennials in 2016,” realtor.com® (Dec. 7, 2015)
