Austin-Round Rock and Dallas-Fort Worth-Arlington, Texas are Millennials buyers’ top pick during the COVID-10 pandemic.
Millennials have been the largest home buyers for some time now and during this time of pandemic, Millennials are still on top. They appear to be targeting certain metro areas for homeownership recently president of the National Association of REALTORS® (NAR), Vince Malta says “As states and cities begin to reopen, millennials will play a significant role in the housing market’s recovery”.
Among the largest 100 metro areas in the country, NAR recently identified the top 10 millennial housing markets, factoring in current housing affordability, local job market conditions during the coronavirus outbreak, the share of millennials already living in the area, and inventory availability.
The following markets made NAR’s top 10 list for millennials (listed in alphabetical order):
- Austin-Round Rock, Texas
- Dallas-Fort Worth-Arlington, Texas
- Des Moines-West Des Moines, Iowa
- Durham-Chapel Hill-Raleigh, N.C.
- Houston-The Woodlands, Texas
- Indianapolis-Carmel-Anderson, Ind.
- Omaha, Nebraska/Council Bluffs, Iowa
- Phoenix-Mesa-Scottsdale, Ariz.
- Portland, Oregon/Vancouver, Wash.
- Salt Lake City, Utah
Three in 10 residents in these markets are millennials. Also, these markets had a smaller share of workers who are employed in industries most affected by the coronavirus during city and economic lockdowns.
Further, housing affordability tends to be better than national averages in these markets as well. Nationally, the typical household can afford to buy 40% of the homes listed for sale. That is up from 34% a year earlier, according to NAR and realtor.com®’s REALTORS® Affordability Distribution Score, which measures the affordability of homes currently for sale at different income levels.
Among the top 10 millennial markets that NAR identified, affordability has risen more so this year than it has nationally. A household earning $100,000 in Dallas, for example, can afford to purchase 56% of homes listed for sale. A year ago, that percentage stood at 45%.
About the writer: Shaura Cuyan writes about all the hottest Real Estate trends and predictions for Summit VA Solutions! She has previously written for a number of freelancing gigs and writes her own blog on lifestyle and current issues. She is a Graduate of Bachelor of Arts in Communication, taking up her Masters in Development Communication.