Home options determined by …

An array of factors play a role in millennial decisions to move to specific areas, and regardless of whether they remain in their home for an extended period or relocate soon after arrival.

Millennial home options determined by affordability & jobs

A location’s job market and affordability are two of the primary reasons impacting millennials the, in accordance with the National Association of Realtors®’ (NAR) 2019 report, Most Popular Areas for Millennials: where they move and stay.

The report analyzed employment gains, population trends, income levels and housing conditions in the largest 100 metropolitan statistical areas across the country to identify the most popular areas for millennials. The top 10 metro areas were selected because of their high share of both present millennial residents and recent movers, as well as their favorable employment opportunities.

Madison, Wisconsin, is one of the top destinations for millennials with 75% of the latest movers in that age group, and most have elected to stay in the area.

Lawrence Yun, NAR’s chief economist, says Madison has several attributes that attract millennials, including earning potential. As of 2017, the median income for millennials there was $62,000, and $68,500 for millennials who had recently relocated to the area.

“In comparison to other areas, Madison offers one of the highest wages for millennials,” says Yun. “Moreover, this income level combined with the robust employment opportunities and the affordability, make Madison among one of the most appealing locations for millennials who are looking to stay longer and raise families.”

The report also discovered that California is a preferred home buying spot for millennials, specifically Bakersfield, which is between San Francisco and Los Angeles. Bakersfield – where 28% of millennials live and where 67% relocate to – is appealing to millennials since it is one of the most affordable metro areas in the state.

Yun says Bakersfield’s affordable homes makes it inviting to millennials. Of the millennials who recently moved there, they can manage to purchase nearly 15% of the homes listed for sale in comparison to neighboring Los Angeles, where millennials are only able to afford to buy 4% of listed homes.

“The increasing employment rate in California is another strong selling point among this generation,” says Yun. “While the rate of unemployment in Bakersfield is higher than it is nationwide, we’re seeing job growth there pick up at a strong pace. Home building in Bakersfield is rising, too. Many newcomers to San Francisco and Los Angeles do not stay for long because of unaffordability. Millennials moving to Bakersfield meanwhile are looking to take advantage of conditions toward home-ownership.”

Other findings

54% of individuals who moved in the 100 largest metro areas was a millennial, and 25% of current residents are millennials.

In the top 10 metro areas, millennials are able to purchase, on average 17% of homes currently listed for sale. In 2017, affordability was low in the majority of the areas that millennials relocated to that year.

The median income for millennials who recently moved in the 100 largest metro areas was $53,000. Millennials who moved recently in these areas have enough money for to purchase nearly one out of four of the homes currently listed for sale (23%).

Millennials have a tendency to reside and relocate to locations and cities where employment is strong. In the majority of the top 10 metro areas, the unemployment rate was below the national level in February 2019. Specifically, on average, the unemployment rate was 3.6% in these areas.

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