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Most popular U.S. cities for millennial homebuyers
1 San Jose, Calif.
2 Denver, Colo.
3 Boston, Mass.
4 Seattle, Wash.
5 Austin, Texas
6 San Francisco, Calif.
7 New York, N.Y.
8 San Diego, Calif.
9 Los Angeles, Calif.
10 Washington, D.C.
I'm not surprised. This is for Millennial buyers, not Gen Z. These have always been the more popular metros for millennials.
I suspect that they will also be more popular with GenZers as well, once they get older and more financially established.
Until then,
This is by MSA.
Most popular U.S. cities for Gen Z homebuyers:
1 Salt Lake City
2 Louisville
3 Oklahoma City
4 Cincinnati
5 Indianapolis
6 Phoenix
7 Minneapolis
8 Birmingham
9 St Louis
10 Virginia Beach
I suspect that they will also be more popular with GenZers as well, once they get older and more financially established.
Until then,
This is by MSA.
Most popular U.S. cities for Gen Z homebuyers:
1 Salt Lake City
2 Louisville
3 Oklahoma City
4 Cincinnati
5 Indianapolis
6 Phoenix
7 Minneapolis
8 Birmingham
9 St Louis
10 Virginia Beach
How can young people even afford to buy in San Jose, Boston, San Fran, New York, LA, and Seattle?
Sadly, millennials are no longer considered young people. Older Millennials are in their 40s.
I think a lot of the folks that buy in these expensive markets have one or two of the following - assistance with down payment (parents or family), equity/RSUs in a company, generational house passed down, or they bought a house/condo in the right neighborhood and made a huge nut on appreciation.
E.g. you had help with down payment to buy in 2010, spent $500k on a condo, and then sold it in 2021 for $1.1M. All of a sudden, a $1.4M home becomes very realistic for dual income families. If you did this, and you invested along the way, and had RSUs or Equity in a company, you could easily come up with another $800k+ in free cash. All of a sudden, you get millennials in the $2M range.
I think there are a lot of these examples in expensive markets.
This shows the percentage of homebuyers in a particular area that are millennials ......thus a pretty misleading title.
A percentage of millennial population of a given area who are homebuyers....that is more realistic.
The cities listed all have significantly below-average homeownership rates across the board. Just because a higher proportion of the homebuyers there are millennials; doesn't mean that a high number or proportion of millennials in said location are buying homes there.
Signed,
A millennial who owns two properties and works primarily with fellow millennial homebuyers and sellers
Last edited by TarHeelNick; 03-31-2023 at 08:55 AM..
How can young people even afford to buy in San Jose, Boston, San Fran, New York, LA, and Seattle?
In DC pretty much almost everyone I know who purchased a home got help from their parents. I’d imagine it’s the same in the super expensive cities above.
In DC pretty much almost everyone I know who purchased a home got help from their parents. I’d imagine it’s the same in the super expensive cities above.
Certainly common, in my experience in the Boston area, for families to pass down houses at pennies on the dollar. Lot of off-MLS transactions.
Even more common, to your point, was/is gifted money for down payments or cash offers. You've had empty nesters selling homes at 300%+ the price they paid for them. Meanwhile, investments, savings accounts, W2s had already prepared them for a great retired life. So the money goes to kids weddings, down payments, and grandchildren's college funds.
I had a group of friends who purchased condos in the South End and in Southie (Boston) circa 2008-2009ish, with assistance from their parents. They sold in 2013-2015ish, upsized, and then sold again in 2019-2022. You're talking equity in excess of $700k in some cases, $400k on the lower end.
They've since gone back out to the suburbs with their families. $1M+ houses are very much in reach, especially when "white collar" dual income families are taking home $300k+.
Add to it the lucrative equity/RSUs companies have been dishing out, and folks who invested early and often starting with the last recession. You have a bunch of millennials in the most expensive markets that "happened into" hundreds of thousands, if not millions of dollars.
Now, for every one person who has had this luxury, many others haven't. I'm sure it's a lot more common in the SFs Bostons DCs Seattles of the world, where cost of living has skyrocketed during the millenial home buying process. It has created incredible wealth for some, and presented incredible challenges for others.
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