It may be no surprise that housing hotspots Seattle and San Jose, Calif. are among the hardest for Millennial homebuyers to enter, but new research found that Minneapolis, Salt Lake City, and Omaha, Neb. are also tough.
The list of worst housing markets for Millennials, compiled by Realtor.com, shows a commonality among the five cities: Millennials have a higher share of the population, with higher incomes than the national median, driving up competition to buy homes. Minneapolis, with several Fortune 500 companies luring Millennials with attractive job prospects, and a median home list price similar to the national average, "is drawing millennials faster than it can house them," CNBC reports.
Millennials are on the move, reinvigorating urban centers, as tech companies spread their wings beyond Silicon Valley to more affordable markets, bringing young workers with them. Low supply and high demand are pushing prices higher everywhere, but the situation varies slightly city to city. The real estate listing company Realtor.com ranked markets based on inventory availability and affordability.
Advertisement
Related Stories
Townhomes
Townhome Construction Gains in Popularity as Buyers Seek Medium-Density Housing
Townhouses made up 18% of single-family housing starts during Q1 2024
Housing Markets
5 Housing Markets That Would See a Huge Increase in Homeownership if Mortgage Rates Dropped
Spokane, Wash., would experience an 11.4% increase in affordability if rates dropped to 6%
Housing Markets
Spring Housing Markets: Which Markets Saw the Most Appreciation, and Which Saw the Least?
Florida metros saw the weakest appreciation of all housing markets in the US
