Realtor.com: Not Every Market Is a No-Go for Millennials
Millennial homebuyers are struggling against a tide of too-high prices—but not in every market.
Realtor.com®'s recently released Top Cities for Millennials ranks the markets with double the draw for millennials: (relatively) affordable housing and employment. The top 10: 1. Salt Lake City, Utah 2. Miami, Fla. 3. Orlando, Fla. 4. Seattle, Wash. 5. Houston, Texas 6. Los Angeles, Calif. 7. Buffalo, N.Y. 8. Albany, N.Y. 9. San Francisco, Calif. 10. San Jose, Calif. Aside from being twice as nice, the markets in the ranking already have tracts of millennial residents, setting them up as home-buying hot spots. "High job growth in markets such as Orlando, Seattle, and Miami, and the power of affordability in places like Albany and Buffalo, are making these markets magnets for millennials," says Javier Vivas, manager of Economic Research for realtor.com. "But what really stands out is that all these markets already have large numbers of millennials, which translates into strong populations of millennial homebuyers." Breaking down the top 10: 1. Salt Lake City Millennial Hot Spot: Sugar House Millennial Share of Population: 15.8 percent Share of Income Spent on Housing: 30 percent Unemployment Rate: 2.9 percent 2. Miami Millennial Hot Spots: South Beach, Wynwood Millennial Share of Population: 13.1 percent Share of Income Spent on Housing: 49 percent Unemployment Rate: 5.1 percent 3. Orlando Millennial Hot Spot: Thornton Park Millennial Share of Population: 14.6 percent Share of Income Spent on Housing: 34 percent Unemployment Rate: 4.4 percent 4. Seattle Millennial Hot Spots: Belltown, Capitol Hill Millennial Share of Population: 15.2 percent Share of Income Spent on Housing: 35.6 percent Unemployment Rate: 4.2 percent 5. Houston Millennial Hot Spots: The Heights, Oak Forest, Timbergrove Millennial Share of Population: 14.5 percent Share of Income Spent on Housing: 36.1 percent Unemployment Rate: 5.4 percent 6. Los Angeles Millennial Hot Spot: Silver Lake Millennial Share of Population: 15 percent Share of Income Spent on Housing: 64.1 percent Unemployment Rate: 4.7 percent 7. Buffalo Millennial Hot Spots: Buffalo, North Buffalo Millennial Share of Population: 13.4 percent Share of Income Spent on Housing: 22.7 percent Unemployment Rate: 5.6 percent 8. Albany Millennial Hot Spot: Downtown Albany Millennial Share of Population: 12.7 percent Share of Income Spent on Housing: 27.3 percent Unemployment Rate: 4.5 percent 9. San Francisco Millennial Hot Spots: Mission, North Beach Millennial Share of Population: 15 percent Share of Income Spent on Housing: 56.2 percent Unemployment Rate: 3.7 percent 10. San Jose Millennial Hot Spot: Downtown San Jose Millennial Share of Population: 14.2 percent Share of Income Spent on Housing: 53 percent Unemployment Rate: 3.7 percent Salt Lake City takes the lead in the top 10 for not only having the highest millennial share in its population (15.8 percent), but also having the third most affordable housing costs as a share of income (30 percent) and the lowest unemployment rate (2.9 percent). Seattle (15.2 percent) and San Francisco (15 percent) have similarly high shares of millennials in their populations. Albany and Buffalo, on the other hand, win when it comes to affordability, with Buffalo's housing costs taking up the lowest share of income (22.7 percent) and Albany taking up the second lowest (27.3 percent). Seattle and San Francisco round out the top three for their low unemployment rates, both at 3.7 percent. For more information, please visit www.realtor.com. |
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