Millennials make up 30 percent of the current population of homebuyers, according to Realtor.com. As housing supply remains tight, and home prices high in bigger cities, millennial homebuyers are looking elsewhere to purchase homes.
Ohio, North and South Dakota had the most cities in the Top 11, with Athens, Ohio topping Credit.com's list. Based on this ranking, U.S. cities with colleges and universities, greater housing affordability, and growing commercial development are being targeted by millennial homebuyers.
Understanding where millennials are buying homes is important both to the housing industry and to young people looking for alternatives to oppressive monthly mortgage payments. “As millennials continue to enter the housing market, we are seeing great activity in the middle of the US, where inventory is generally more affordable than on the coasts,” says Joe Tyrrell, executive vice president of corporate strategy for Ellie Mae.
Advertisement
Related Stories
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development
Sustainability
Which Green Building Practices Are Home Builders Using Most?
A recent report reveals which green-building practices are most popular among single-family home builders and remodelers