Millennials hold a lot of power and influence in America alone. These trendsetters also have $200 billion in annual buying power, and when it comes to owning a home, millennials are considering certain hot real estate markets for 2019 despite rising mortgage rates and housing prices. Many of them are finally ready to jump in and set down roots in communities where there are a strong economy, great job growth, and affordable housing.
Realtor.com has revealed the top markets luring millennials in the new year, and these include 10 bustling cities across the country:
- Lakeland, FL
- Grand Rapids, MI
- El Paso, TX
- Chattanooga, TN
- Phoenix, AZ
- Bridgeport, CT
- Las Vegas, NV
- Boise City, ID
- Miami, FL
- Boston, MA
These millennial-friendly communities all share at least two interesting factors for these young people. The 10 cities feature the forecasts of higher home sales growth and price growth than anywhere else in the United States. Millennials are getting cozy from Lakeland to Boston and taking out up to 49-percent of mortgages.
For example, the leading market is located in Lakeland which offers a solid job market, fun nightlife with plenty of dining options and a strong public school system. The price is also right; millennials can scoff up a spacious three-bedroom home for under $200,00. The national median for a home at the moment is about $261,000.
The highest rate of millennial mortgage takers at 48.8-percent comes from the second place winner of Grand Rapids, MI. This city is a happening place packed with microbreweries, many of the state’s number one schools, beautiful gardens and one of the world’s largest art festivals. Grand Rapids is affordable as a lovely metro community, and the median forecasted home price of $187,319 saves millennials a good $75,000 over other metro communities of that size.
Boston, MA, rounds out the top 10 list attracting millennial homebuyers and with good reason. It’s a hip, walkable city with lots of prominent college town action. Although Boston features the priciest properties on the Realtor.com list, millennials are seduced by the city’s excitement and historical beauty.