Everyone has a view about the best and worst housing markets for Millennials in 2018.
As far as the worst housing markets are concerned, Realtor.com compiled its list based upon inventory availability and affordability.
San Jose and Seattle are neck and neck as the very worst markets for Millennials. Salt Lake City, Minneapolis and Omaha come in third, fourth and fifth respectively.
Inventory is down -8% nation-wide when compared with one year ago. In the “worst” housing markets, supply is nearly three times lower than the rest of the nation. To make matters worse, list prices in these toughest “worst” housing markets are up +8%.
Realtor.com found that the median list price for a single-family house in Minneapolis, $280,000, is the same as the national median list price but the difference in the Twin Cities is that there are 17 Fortune 500 companies there. Put simply, there are more Millennials in Minneapolis than there is housing. Millennials total approximately 14% of its population while they generate 26% of all Realtor.com views.
Omaha tells the same story with an added twist…it also has an exceptionally strong school system. Millennials in Omaha struggle to find homes under $250,000.
Millennials are now 15% of the population in Salt Lake City. They’re drawn to a very strong economy and a great outdoor culture. Salaries in Salt Lake are only slightly higher than Omaha and Minneapolis but median home prices are higher than the national average. It’s very difficult for Millennials to find and be able to afford a home in Salt Lake.
On the other hand, Trulia has looked at the growth and affordability potentials of the best housing markets for MIllennials. Considering such factors as job growth, vacancy rates, starter-home affordability, online listing searches and the percentage of people under age 35, Trulia found these 10 housing markets to have the best potential for Millennials.
- Grand Rapids, Michigan
- Nashville, Tennessee
- Raleigh, South Carolina
- El Paso, TX
- San Antonio, TX
- Fort Worth, TX
- Austin, TX
- Columbus, Ohio
- Madison, Wisconsin
- Cincinnati, Ohio
