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Best Purchase Markets for Aspiring Millennial Homebuyers

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Nadia Evangelou

on 6 June 2016

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Transcript of Best Purchase Markets for Aspiring Millennial Homebuyers

Best Purchase Markets
Millennial Homebuyers
Miami installed the first bank automated teller machine especially for rollerbladers
PRESENT FACTS
READ THE FULL RELEASE
for Aspiring
Share of Millennial Movers : 29.4%
Qualifying Income: $43,635
Median Household Income: $51,810
Austin, TX
Charleston, SC
Share of Millennial Movers : 24.5%
Qualifying Income: $41,369
Median Household Income: $47,903
Denver, CO
Share of Millennial Movers : 27.7%
Qualifying Income: $56,234
Median Household Income: $50,923
Minneapolis, MN-WI
Share of Millennial Movers : 27.4%
Qualifying Income: $38,087
Median Household Income: $55,066
Ogden, UT
Share of Millennial Movers : 24.6%
Qualifying Income: $29,005
Median Household Income: $54,608
Portland, OR-WA
Share of Millennial Movers : 26.7%
Qualifying Income: $51,847
Median Household Income: $44,792
Raleigh, NC
Salt Lake City, UT
Share of Millennial Movers : 27.2%
Qualifying Income: $43,345
Median Household Income: $51,930
Seattle, WA
Share of Millennial Movers : 29.0%
Qualifying Income: $64,645
Median Household Income: $64,294
Washington, DC-WA-MD-WV
Share of Millennial Movers : 28.3%
Qualifying Income: $69,576
Median Household Income: $69,874
Share of Millennial Movers : 25.7%
Qualifying Income: $37,815
Median Household Income: $49,892
http://www.realtor.org/news-releases
It is not arbitrary that
Austin
is called the "live music capital of the world". While Millennials often want to live in "vibrant" places, Austin had the largest number of Millennials living (18%) and moving (29%) in the area among the 100 largest metro areas.
Austin
also is called the "Silicon Hills" because of the concentration of tech giants . Employment grew tremendously (4.9%) over the 12-month period ending in March 2016 pushing the median household income up and enabling Millennials to buy a home. Median household income of Millennial movers was above $46,200 which was the national level for this group in 2014.
Charleston
is the home of a large number of Millennials. 16% of the population was 25 -34 years old while the average for the 100 largest metro areas was 14%.
Both the median household income and the homeownership rate for Millennials who moved recently were higher than the national average.
Denver
was among the top five metro areas with the largest number of Millennials living and moving in the area.
More than one-in-five Millennials (22%) who moved recently in the area owned a house. Also, the homeownership rate for Millennial movers was higher than the average rate for the 100 largest metro areas.
Though home prices are rising fast, it is still much affordable compared to California, where many new residents are arriving from.
With many major employers in the financial services and retail industries established in the area, Minneapolis has experienced a solid influx of Millennials. 28 percent of the movers were 25-34 years old while the average for the 100 largest metro areas was 23 percent.
Almost 30 percent of the Millennials who moved in the area bought a house while the average was 21 percent. The affordability of houses in the area is one "push" factor for Millennials to buy a home.
Ogden
is a small metro area which has one of the best combinations of low home prices and a relatively high median household income. In 2014, Millennials who moved recently earned almost twice as much the qualifying income for first-time homebuyers in the area.
Among the 100 largest metro areas,
Ogden
had the highest homeownership rate for Millennials who moved recently (40%). Millennials choose to live and move in the area where houses are affordable and job growth has been tremendous (6.0%). Employment grew three times as much nationwide.
Millennials have moved to Portland, where the economy is booming and the employment grew (3.2%) more than nationwide.
Although home prices are rising, the share of Millennial movers who bought a house in 2014 increased 4% over 2013 while the average increase was 1%.
Among the major cities along the Pacific Coast, it is the most affordable metro market.
While
Raleigh
(along with Durham and Chapel Hill) is home to the largest and most successful research parks, 26 percent of the those who moved in the area were 25 -34 years old.
Job growth has been very strong especially
in technology related positions, increasing
the median household income of Millennials
more than the average for the 100 largest metro
areas ($45,000). As a result, Raleigh had much
higher homeownership rate for Millennial movers
(30%) than the average (21%).
Salt Lake City
had the second highest population share of Millennials (17%) after Austin.
While the median household income was higher than the average ($45,000), the homeownership rate for Millennial movers was 24 percent.
With record-high prices in Silicon Valley,
Seattle
has experienced the second highest influx of Millennial movers after Austin.
Employment growth in the area is very promising (3.3%) and higher than the national growth.
Comparing the median household income with the qualifying income for first-time homebuyers, nearly half of Millennials can afford to buy a home. Also, the share of Millennial movers who bought a house in 2014 increased 4.4% over 2013 while the average increase was 1%.
Washington, D.C.
was among the top three metro areas with the highest share of Millennial movers (28%).
In 2014, among the 100 largest metro areas,
Washington, DC
was ranked 6th for highest median household income of Millennials movers. Thus, the median household income of the Millennials who moved recently was much higher to the national ($46,200).
As a result, the homeownership rate for the Millennials who moved recently was higher than the average of the 100 largest metro areas. More than one-in-five Millennials who moved in 2014 owned a house (21%).
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