With several colleges and universities in the area, and with a strong local economy offering solid job growth, Boston is attracting young adults — and young homebuyers. Millennials have made up 40 percent of Boston-area home purchases through October this year.
MarketWatch named Boston the nation’s third-hottest housing market, behind Phoenix and Los Angeles. The capital of Massachusetts has experienced a 6.09 percent rise in prices and a 6.32 percent jump in sales this year.
“Boston is the shining star of New England, the Northeast, and I would argue it’s the biggest growth market in the eastern half of the United States,” said Jonathan Smoke, chief economist for the data web site.
The median home price in Boston is $480,000, which is nearly double the national average. Millennials have also been flocking to more affordable cities in the Midwest such as Des Moines, Minneapolis, Madison, and Columbus.