Realtor.com recently released its latest report on home buying trends across generations. “For the first time,” said Javier Vivas, realtor.com’s director of economic research, “we’re finally seeing evidence of Millennials out competing older generations in more markets than not. If Millennials continue to grow (their market share) at this (current) pace, we expect them to buy more homes than Gen-Xers and Boomers combined.”
Markets dominated by Millennials in which they own 47% of the homes tend to be smaller and more affordable than in the country’s largest metros where Millennials own just 43% of the homes.
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Markets Where Millennials Rule
- Grand Rapids MI
- Salt Lake City UT
- Scranton PA – 1 of few markets where homes priced at $160,000 are available to buy
- Madison WI
- Colorado Springs CO
- Allentown PA
- Rochester NY
- Portland ME
- Providence RI
- Minneapolis MN
Markets dominated by Gen-Xers in which they own 39% of the homes tend to be larger, more urban and more expensive. In fact, realtor.com found that Gen-Xers spend nearly $50,000 more on their home purchase than Millennials. According to Bob Peterson with KellerWilliams in Memphis, “Gen-X buyers are move-up buyers, their families are growing and they’re getting out of apartments or smaller houses. They are (also) more concerned about schools…” and tend not to have patience for renovations. Turnkey, newer houses tend to be Gen-X type houses.
Markets Where Gen-Xers Rule
- Memphis TN
- Los Angeles CA
- Bridgeport CT
- Lakeland FL
- Louisville KY
- Raleigh NC
- Knoxville TN
- Stockton CA
- McAllen TX
- San Jose CA
Boomers, the demographic that has dominated American cities since the 1980’s are now being attracted to lower-tax states and smaller metros with a more reasonable cost-of-living. You’ll notice that seven of the ten metros listed below have warmer climates and that most all of the metros ranked below are large enough to have basic amenities, good restaurants and good shopping available.
Markets Where Boomers Rule
- Tucson AZ
- Fort Myers FL
- Albuquerque NM
- Spokane WA
- Greenville SC
- Dayton OH
- Akron OH
- Sarasota FL
- Daytona Beach FL
- Honolulu HW
Realtor.com’s Vivas summarized these findings by saying, “Life stages are what drives demand in housing.”
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