“People who believe that millennials are disinterested in homeownership aregrosslymistaken,” said our chief economist,Jonathan Smoke. “This generation hit the job market during one of the largest recessions of all time, and they’ve had to work hard to establish credit and save for a down payment. With the older segment just beginning to enjoy living the life that drives homeownership—including marriage and children—now is the most appropriate time for them to consider homeownership. And that’s exactly what the latest numbers are showing.”
Almost 65% of millennials aged 21 to 34 spent time on real estate websites and apps in August, according to Smoke’s analysis of data from comScore and current population estimates. In addition, older millennials—25- to 34-year-olds—are 70% more likely than the average adult to be currently looking for a home to buy on realtor.com.
But since millennials are just starting out in their careers, financing is a key step. As Smoke points out, 97% of them need a loan in order to buy a home.
Here’s the financial profile of the average millennial who got a mortgage in the first half of 2015:
FICO score:714 Down payment:7.1% Mortgage rate:4.03% Debt-to-income ratio:36%
So we decided to identify the top 10 areas where millennials are best represented among mortgage borrowers. In these towns, millennials account for 44% to 59% of all purchased mortgages.
“These markets underscore first-time home buyers’/millennial interest in growing, yet affordable, regions,” Smoke said.
We’ve rounded up some awfully appealing homes in each of these promising markets, highlighting what they have to offer young buyers. While the median U.S. home price was $232,000 as of August, most of these homes are much, much less.
Trust eXp Realty and our team of real estate agents to help you find homes for sale or to sell your current home. We recognize the level of service that the mobile consumer demands. You have information. You have dreams. We possess experience, integrity, and innovation. Together we create leverage to make your dreams a reality.
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"Michelle is an amazing real estate agent! She helped us sell our home and move into our dream home. The process was very painless with her by our side. She answered all of our questions and always made herself available (even on vacation!). I cannot imagine the experience without her by our side. After it was all done, she threw us an incredible house warming party to celebrate with family and friends!