Although millennials made up the largest share of recent buyers, homeownership rates for adults under 35 are still at the lowest levels seen in decades. However, this is not a result of young adults not wanting to own a home. In fact, according to the National Association of REALTORS® Profile of Home Buyers and Sellers, 84 percent of millennials think that buying a home is a good financial decision. So where in the U.S. do millennials have the best opportunity to buy real estate? According to a study from NAR, Toledo, Ohio; Little Rock, Arkansas and Dayton, Ohio are the top three markets for young adults for their above-average share of current millennial residents and recent movers, favorable employment opportunities and relatively low qualifying incomes needed to purchase a home.
Review NAR’s 2016 Home Buyer and Seller Generational Trends Report for more information on the preferences of millennial home buyers, and look at NAR’s recent report on the best purchase markets for millennial home buyers for locations most suited to people under 35 looking to purchase real estate. Speak with REALTORS® about the purchasing habits of recent young buyers in their communities.
Each month, NAR produces a few story ideas for the media, presenting timely topics accompanied with background information and facts related to the real estate market. These housing and real estate story ideas are designed to help media generate content for news stories, hopefully serving as a helpful resource to those in the media looking for stories or new angles.