Knock, a digital homeownership platform, recently released its rankings of the top housing markets for each generation in 2022, especially as more remote workers opt to relocate in the coming year. The list is based on affordability, local economies, housing supply, and lifestyle amenities important at each stage of life, according to Forbes.
Millennials make up a large segment of first-time buyers across the U.S., and many are struggling with affordability as prices continue to rise. Ranking as the top market for the Millennial generation is Austin, Texas, while the best markets for Gen X and Baby Boomers stretch the length of the east coast.
The best Millennial markets offer affordability, strong job markets and vibrant downtowns. The largest contingent of home buyers, the Millennial generation spans 15 years, with the youngest 25 years old and the oldest having celebrated their 40th birthday in 2021.
Migration trends show that as Millennials grapple with affordability amid soaring home prices, many have spread their wings to smaller metros for a shot at homeownership. When compared to the 100 largest metros, the 2022 top Millennial markets are 11% more affordable and offer 19% more homes for sale on average.