Key Highlights

  • National Association of REALTORS® analysis of 10 top housing markets for Millennials
  • Considered affordability, local job market during pandemic, share of Millennials in area, inventory availability among defining metrics
  • There +6% increase in percentage of listed homes typical household can afford to buy compared to last year

NAR’s Top 10 Housing Markets for Millennials during Pandemic: (metrics defined in April 2020 – listed in alphabetical order below)

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  1. Austin-Round Rock TX
    1. Affordability y/y change – 11%
    2. Share of Millennials – 35%
    3. New Listings y/y change – -28%
    4. Share of most affected employment: 20%
    5. Median Home Price Q1 2020 – $341,500
    6. Share of listings that affordable for typical household – 33%
    7. Employment y/y change – -9%
  2. Dallas-Fort Wroth- Arlington TX
    1. Affordability y/y change – 22%
    2. Share of Millennials – 30%
    3. New Listings y/y change – -36%
    4. Share of most affected employment – 21%
    5. Median Home Price – $269,700
    6. Share of listings that affordable for typical household – 30%
    7. Employment y/y change – -8%
  3. Des Moines-West Des Moines IO
    1. Affordability y/y change – 11%
    2. Share of Millennials – 31%
    3. New Listings y/y change – -16%
    4. Share of most affected employment – 17%
    5. Median Home Price – $209,200
    6. Share of listings that affordable for typical household – 57%
    7. Employment y/y change – -10%
  4. Durham-Chapel Hill-Raleigh NC
    1. Affordability y/y change – 23$
    2. Share of Millennials – 31%
    3. New Listings y/y change – -36%
    4. Share of most affected employment – 15%
    5. Median Home Price – $293,800
    6. Share of listings that affordable for typical household – 26%
    7. Employment y/y change – -11%
  5. Houston-The Woodlands TX
    1. Affordability y/y change – 14%
    2. Share of Millennials – 30%
    3. New Listings y/y change – -31%
    4. Share of most affected employment – 19%
    5. Median Home Price – $245,300
    6. Share of listings that affordable for typical household – 31%
    7. Employment y/y change – -8%
  6. Indianapolis-Carmel-Anderson IN
    1. Affordability y/y change – 12%
    2. Share of Millennials – 30%
    3. New Listings y/y change – -35%
    4. Share of most affected employment – 19%
    5. Median Home Price – $204,00
    6. Share of listings that affordable for typical household – 47%
    7. Employment y/y change – -11%
  7. Omaha NB/Council Bluffs IO
    1. Affordability y/y change – 15%
    2. Share of Millennials – 30%
    3. New Listings y/y change – -30%
    4. Share of most affected employment – 18%
    5. Median Home Price – $197,000
    6. Share of listings that affordable for typical household – 38%
    7. Employment y/y change – -9%
  8. Phoenix-Mesa-Scottsdale AZ
    1. Affordability y/y change – 12%
    2. Share of Millennials – 27%
    3. New Listings y/y change — -24%
    4. Share of most affected employment – 21%
    5. Median Home Price – $308,900
    6. Share of listings that affordable for typical household – 29%
    7. Employment y/y change – -8%
  9. Portland OR/ Vancouver WA
    1. Affordability y/y change – 17%
    2. Share of Millennials – 27&
    3. New Listings y/y change – -41%
    4. Share of most affected employment – 19%
    5. Median Home Price – $416,100
    6. Share of listings that affordable for typical household – 20%
    7. Employment y/y change – -12%
  10. Salt Lake City UT
    1. Affordability y/y change 13%
    2. Share of Millennials – 32%
    3. New Listings y/y change – -14%
    4. Share of most affected employment – 18%
    5. Median Home Price – $372,100
    6. Share of listings that affordable for typical household – 30%
    7. Employment y/y change – -8%

 

Thanks to the National Association of REALTORS®.

Also read: Housing Affordability At Three-Year High, Realities of Home Prices in New York State & Manhattan, California’s Median Home Price Jumped +10% to $615,090 in December 2019