Millennials & Home Ownership
Millennial Friendly Cities:
Bloomberg News recently reported that millennials are dominating the Des Moines real estate marketing. The article noted that “roughly 60 percent of borrowers who used a mortgage to buy a home in Iowa’s capital city during the first half of 2015 were aged 25 to 34.”
According to Bloomberg, here are the top ten cities for millennials:
Des Moines, Iowa
Baton Rouge, Louisiana
Grand Rapids, Michigan
New Orleans, Louisiana
Which city would you live in?
According to Paul Taylor, executive vice president of the Pew Research Center, 39 percent of millennials are living with their parents since they are buried in student debt.
No surprise here since this topic is well documented.
The Great Migration:
USC urban planning and demography professor, Dowell Myers, noted that millennials are leaving the city back to the suburbs. Myers stated, “Millennials are beginning their long expected move up and out of their entry positions in housing and in jobs.”
The National Association of REALTORS discovered that 49 percent of millennial first time home buyers are purchasing in the suburbs.
Rent > Buy:
Dubbed many things, the millennial generation is also known as, “The Renter Generation.” Goldman Sachs noted that millennial renter-ship increased 8 percent from 2005 to 2013, from 52 percent to 60 percent.
Disclaimer: This is a personal blog. Ryan Oda (#RS-75450) is a licensed real estate salesperson with Benn Pacific Group, Inc (#RB-19423). The opinions expressed here represent my own and not those of Benn Pacific Group, Inc., its agents, and or its affiliates. My thoughts and opinions can change over time. This blog is intended to provide a semi-permanent snapshot of a selection of various thoughts and opinions that may not be the same, or even similar, to those I may hold today.
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