From the National Association of Realtors® (NAR) analyzed current housing conditions, job creation and population trends in metropolitan statistical areas1 across the U.S. to determine the best markets for aspiring, leading edge Millennial homebuyers. Austin and Salt Lake City were identified as top standouts for Millennials for having a young adult population with solid job growth rates and still relatively affordable home prices. Seven of the 10 metro areas recognized are in the Midwest and West.
NAR analyzed 100 metro areas that have a large Millennial presence, solid local job market conditions and strong migration patterns of young adults moving to that particular area to determine the best purchase prospects for young buyers. Housing affordability and inventory availability were also considered.
The best purchase markets for aspiring Millennial homebuyers are (listed alphabetically):
- Austin
- Dallas
- Denver
- Des Moines, Iowa
- Grand Rapids, Michigan
- Minneapolis
- New Orleans
- Ogden, Utah
- Salt Lake City
- Seattle
Other markets with strong potential for attracting Millennial homebuyers include:
- Madison, Wisconsin
- Nashville, Tennessee
- Omaha, Nebraska
- Raleigh, North Carolina
- Washington, D.C.