The new wave of home buyers touted to support the next 15-20 years of the real estate market have made their intentions known. The top 5 places millennials prefer over all others may surprise you. Perhaps top cities like Austin, the live music capital of the world, or beautiful outdoor haven Denver aren’t a shock but have you considered Charleston, Minneapolis, or Ogden, Utah as top 5 competitors? The median cost for a house on this list varies widely from $200,000-$500,000 . The alluring presence of cities like New York and Silicon Valley have faded with their skyrocketing prices and high cost of living.
Median Age- 30
Size- 1720 Sq ft.
Move over Silicon Valley, hello Silicon Hills? Austin, Texas has assumed a new moniker as the new Silicon due to the heavy influx of young entrepreneurs and blossoming tech sector (IBM, PayPal, Google to name a few). Just over the past year employment in the state capitol grew by a whopping 4.9%. What’s not to love in a city known for the birth of the breakfast taco, constant live music, and progressive politics. The factors captivating millennials, including income potential and lower cost of living, has facilitated an impressive 18% millennial population in Austin.
Charleston, South Carolina draws in lovers of beach access, reasonable cost of living, and a historic setting. If cobble stones streets and a small town feel interests you, join the caravan to South Carolina. Of those moving into the jaw dropping scenery of the south nearly 25% are millennials. Slow down your fast paced thinking in one of America’s top destinations for southern hospitality and colonial ties.
Do you dream about biking and green chili favorites? Denver, Colorado has some of the most beautiful natural features and millennials aren’t missing out. The Rocky Mountains and Red Rocks Amphitheater provide a view few states can compare to and picture do them no justice. With 22% of the population labeled as millennials and the highest median home price on the list, the allure of this outdoor mecca is undeniable.
Twin city Minneapolis, Minnesota may fulfill your need for the big apple lifestyle. If you have a love for the big city lights and theater outings but you aren’t in love with the price try the ‘Mini-Apple’, one of the city’s famed nicknames. A key asset in this winter heavy city is the Skyway system. The world’s most extensive 8 mile system of walkways suspended between skyscrapers allows residents to avoid the traffic and weather down below while making quick trips across the city.
Last, and least expensive on the list of millennial destinations is Ogden, Utah. Just 40 miles North of Salt Lake City this “anything but typical” mountain town provides an outdoor dream. Whether you love freshwater fishing, kayaking, or world class ski resorts Ogden has it all. A common host to international competitions, music festivals, and marathons there is no shortage of events to fill your free time.
As millennials take over as the largest share of home buyers, currently 35% of the total, their desires are shaping the market. As the costs of living in a heavy traffic metro center become unreasonable and limited a growing percentage of individuals under 35 are moving out to the suburbs. An underwhelming 17% of the under 35 millennial crowd bought an urban residence, down 21% from the prior year. The current figure of millennials purchasing residences in a suburb or subdivision has reach 51%, just short of the 58% of Generation X-ers (36-50 year old).
This mass of 83 million people, two-thirds of which are married cite their biggest hurdle in their search for a house is scraping together a down payment. Over half of millennials agree on their most dreaded portion of the hunt with 23% of these asking for financial support from family. As this new collective of home buyers molds the future of real estate expect to see more urban spaces moving out to the suburbs on the millennial moving trucks.
Austin, TX- $430,000
Charleston, SC- $325,000
Denver, CO- $500,000
Minneapolis, MN- $255,000
Ogden, UT- $200,000
Which destination tops your dream list?