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4 of 5 of those cities have a better than average tech scene which generates a lot of higher paying jobs. What makes Buffalo such an attractive place to live? Aside from the fact that it's a hell of a lot cheaper to buy a home there?
It does show up on some lists as an "up and coming" tech community, primarily through the development of the "43North" startup competition, recent increases in startup funding, and its selection as the "M&T Tech Hub" looking to hire an additional 1000 IT people. Buffalo just had its first unicorn (ACV auctions) in the last few months. Its location between NYC and Toronto also makes it attractive for international operations, and it is growing as a logistics hub. It is home to the largest state university campus, and the medical center is undergoing a major redevelopment and growth spurt with its med school, med businesses and R&D facilities. It has maintained several intact and active city neighborhoods of middle and upper class, but more affordable than in larger cities. It is still cheap as it is trying to shake off its Rust Belt baggage, and there has yet been no great influx of domestic migration from out of state, although in state and foreign migration is up.
But I was told everyone was moving to the Sunbelt?
Older people who already have jobs or are retiring are moving there. Besides Buffalo, all the cities on there have very good job markets (Buffalo is not bad, but it isn't comparable to the other 4). All 5 are progressive. All 5 are better than the average US city for urbanity and public transit.
I remember reading an article that a lot of the Buffalo housing market is being driven by ex-NYC residents looking for affordable housing in an urban area. Buffalo has some quality urban landscape that is very underrated. And I bet its job market is in need of young, educated people from the NYC area.
In the Sunbelt, millennials likely don't have the same job prospects as millennials in the cities listed. Many Sunbelt cities are underpaid and don't have the same quantity of quality job openings. Also, the ones that do are now overpriced (i.e. Austin). In others, millennials are competing with retirees who have amassed tons of wealth in the north and can now pay cash for the houses in the Sunbelt. I bet it's challenging for millennials in places like Florida, Atlanta, NC, etc. to compete with boomer retirees. Millennials are still living there and moving there, but I believe it would be harder to be as successful in typical Sunbelt cities compared to the cities listed.
Older people who already have jobs or are retiring are moving there. Besides Buffalo, all the cities on there have very good job markets (Buffalo is not bad, but it isn't comparable to the other 4). All 5 are progressive. All 5 are better than the average US city for urbanity and public transit.
I remember reading an article that a lot of the Buffalo housing market is being driven by ex-NYC residents looking for affordable housing in an urban area. Buffalo has some quality urban landscape that is very underrated. And I bet its job market is in need of young, educated people from the NYC area.
In the Sunbelt, millennials likely don't have the same job prospects as millennials in the cities listed. Many Sunbelt cities are underpaid and don't have the same quantity of quality job openings. Also, the ones that do are now overpriced (i.e. Austin). In others, millennials are competing with retirees who have amassed tons of wealth in the north and can now pay cash for the houses in the Sunbelt. I bet it's challenging for millennials in places like Florida, Atlanta, NC, etc. to compete with boomer retirees. Millennials are still living there and moving there, but I believe it would be harder to be as successful in typical Sunbelt cities compared to the cities listed.
I'm surprised that millennials are being given mortgages if their credit scores are that low. Are lenders really giving loans to people with 652 credit scores?
My score has never been that low, so not judging, just genuinely curious.
I'm surprised that millennials are being given mortgages if their credit scores are that low. Are lenders really giving loans to people with 652 credit scores?
My score has never been that low, so not judging, just genuinely curious.
I assume they do it with high contingencies and high interest rates, yet even with the high interest rates, rent may likely come out higher still. Also, seeing that is worrisome because we might end up with 2008-2009 Round 2 soon. Banks don't honestly care. They make the money and then get bailed out.
Also, though, that's around the average credit score for millennials. Hard to have good credit when your student loan debt is massive and you are consistently underpaid for your work so day-to-day living expenses get stuck on a credit card with high interest.
Interesting, the cities are based on who inquired or closed a loan with LendingTree. There are so many lists out there about cities that are popular for Millennials all based on different criteria.
Interesting - so it's going off people who respond to Lending Tree marketing.
Those are average credit scores for millenials? What about credit scores among the millenials who actually buy?
Home purchases are a tiny percentage of any city's population in a given year. Maybe in some places, 5% of the city's milleninials have a lot of money and are buying when others aren't.
Despite the media talking as if all millennials are monolithic, that's not true. Some millennials don't want to live in NYC or Boston with super high rents and work for a Fortune 500. However, I'd be curious to know what the education background is of the people who participated and what occupation they work in.
But I was told everyone was moving to the Sunbelt?
In general yes, but Millennials seem drawn to places like Denver, Portland, Seattle, Boston, Minneapolis, etc. Places with colder climates. There are some popular cities for Millennials in the Sunbelt like Austin and Nashville, but most are farther north.
The best thing about this study is it shows that the average millennial is currently THIRTY years old. NOT a teenager/college student.
Older folks out here yelling about how those millennials in college are so yadda yadda yadda.....yo Karen; millennials have been out of college for almost a decade.
Older people who already have jobs or are retiring are moving there. Besides Buffalo, all the cities on there have very good job markets (Buffalo is not bad, but it isn't comparable to the other 4). All 5 are progressive. All 5 are better than the average US city for urbanity and public transit.
I remember reading an article that a lot of the Buffalo housing market is being driven by ex-NYC residents looking for affordable housing in an urban area. Buffalo has some quality urban landscape that is very underrated. And I bet its job market is in need of young, educated people from the NYC area.
In the Sunbelt, millennials likely don't have the same job prospects as millennials in the cities listed. Many Sunbelt cities are underpaid and don't have the same quantity of quality job openings. Also, the ones that do are now overpriced (i.e. Austin). In others, millennials are competing with retirees who have amassed tons of wealth in the north and can now pay cash for the houses in the Sunbelt. I bet it's challenging for millennials in places like Florida, Atlanta, NC, etc. to compete with boomer retirees. Millennials are still living there and moving there, but I believe it would be harder to be as successful in typical Sunbelt cities compared to the cities listed.
San Jose is the Sunbelt.
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