Millennials were responsible for a surprising increase in homeownership nationwide this year. In November, the Commerce Department reported that this age group increased homeownership to 63.7 percent, and while it's a small increase, there is hope those numbers will continue to rise. The National Association of Realtors reported that 94 percent of renters age 34 and younger want to be a homeowner someday.
Because of its affordability, low unemployment rate and increasing number of entertainment options, Indianapolis is becoming a more attractive spot for younger residents
Here in Indianapolis, the impact of this new generation of buyers has been evident. In fact, the IndyStar called this burgeoning population of homeowners and residents one of the most important stories of 2015. Because of its affordability, low unemployment rate and increasing number of entertainment options, Indianapolis is becoming a more attractive spot for younger residents. This popularity has been helped with the addition of a few new apartment developments with retail components in downtown, such as CityWay, Montage on Mass, Pulliam Square and Market Square Tower.
This new image for Indianapolis isn't so much of a surprise, though. It's been building up for quite some time. In 2014, Forbes magazine ranked Indianapolis at 22 out of 25 on its "Best Cities and Neighborhoods for Millennials," listing the town of Fishers as the best neighborhood for that age group. The list was meant to present alternatives to New York and Washington D.C. where job markets are competitive and rent and real estate prices are skyrocketing. In 2013, downtown Indy furthered its transformation with the launch of a multi year projected called "Velocity" that will continue to improve neighborhoods, amenities and bring in new business and residents.
The blossoming millennial market will hopefully continue to give Indianapolis a boost, while the thousands of abandoned homes in the city hold real estate back. With a crop of young, new buyers and a focus on rehabbing abandoned homes, Indianapolis has a real potential to revive itself in 2016.