The Fall 2018 Housing and Mortgage Market Review from Arch Mortgage Insurance Company tracks where Millennials can find the best jobs and homes, what they should know about the market, and forecasts their future impact.
Primarily, the report identifies 25 U.S. cities with affordable housing and strong labor markets that Millennials could call home. Winnowing down the list from the 100 biggest metros, eliminating cities with worse affordability than the national average, the Fort Worth-Arlington, Texas metro was deemed the best for Millennials in the ArchMI report. The metro scored best in terms of affordability and strong job growth, followed by Jacksonville, Fla.
Even though both regions are slightly more expensive than their historic norms, their housing affordability is still better than in the U.S. overall, which currently requires 31 percent of the median household’s income to cover mortgage payments on a median-priced home. Oklahoma City currently has the best affordability on the list, requiring only 19 percent of pre-tax median income to pay for a mortgage on a medianpriced home.
Advertisement
Related Stories
Market Data + Trends
Vacation and Investment Home Market Insights
A recent report finds beach homes to be the most sought-after vacation-home type and that the investment potential of a second home is an important factor in the purchasing decision
Affordability
How Much Income Do First-Time Buyers Need to Afford the Average Home?
The median-priced home is unaffordable in 44 of the 50 largest U.S. metro areas
Affordability
What Is the Relationship Between Urban vs. Suburban Development and Affordability?
A new paper from Harvard's Joint Center looks at whether expanding the supply of suburban housing could, in turn, help make dense urban areas more affordable