SANTA CLARA, Calif.,
March 22, 2017 /PRNewswire/ --
Realtor.com®, a leading online real estate destination operated by
News Corp [NASDAQ: NWS, NWSA]; [ASX: NWS, NWSLV] subsidiary Move,
Inc., today announced realtor.com®'s Top Cities for Millennials.
Led by Salt Lake City, the list
includes some of the usual millennial hot spots – Seattle and Los
Angeles – along with a few surprises such as Buffalo, N.Y. and Albany, N.Y.
In rank order, realtor.com®'s Top Cities for Millennials
include: Salt Lake City,
Miami, Orlando, Fla., Seattle, Houston, Los
Angeles, Buffalo,
Albany, San Francisco, and San Jose, Calif.
"High job growth in markets such as Orlando, Seattle, and Miami, and the power of affordability in
places like Albany and
Buffalo are making these markets
magnets for millennials." said Javier
Vivas, manager of economic research for realtor.com®. "But
what really stands out is that all these markets already have large
numbers of millennials, which translates into strong populations of
millennial home buyers."
The average share of the 25-34 year old population in the U.S.
is 13 percent, but in these top markets, the average share is 14
percent. Salt Lake City, No. 1 on
the list, happens to also have the highest share of milllennials,
comprising 15.8 percent of its total population. Seattle is close behind with a millennial
population at 15.2 percent, Los
Angeles and San Francisco
tie for third with 15.0 percent.
Economic growth and relative affordability make these markets
really attractive to first-time home buyers. Salt Lake City has the lowest unemployment
rate of all the markets on the list at 2.9 percent, which is well
below the national unemployment rate of 4.7 percent. The job market
is also a factor in San Francisco
and San Jose, with the
unemployment rate at 3.7 percent. When it comes to affordability,
Buffalo is No. 1 with the most
affordable home prices relative to salary, at 22.7 percent. It's
followed by Albany where people
only use 27.3 percent of their income on a home and Salt Lake City where buyers use 30
percent.
Realtor.com® analyzed the 60 largest markets in the U.S. and
compared the share of millennial page views in each area to the
national average. Markets were ranked based on their comparison to
the national average. Page view data included in this analysis
covers the period from August 2016 to
February 2017.
Realtor.com®'s Top Cities for
Millennials
|
|
Ranking
|
Market*
|
Millennial Page
Views
(Market vs.
Nation)
|
1.
|
Salt Lake
City
|
1.203X
|
2.
|
Miami
|
1.187X
|
3.
|
Orlando
|
1.174X
|
4.
|
Seattle
|
1.172X
|
5.
|
Houston
|
1.171X
|
6.
|
Los
Angeles
|
1.170X
|
7.
|
Buffalo
|
1.158X
|
8.
|
Albany
|
1.155X
|
9.
|
San
Francisco
|
1.139X
|
10.
|
San Jose
|
1.137X
|
*Markets on this
list refer to metropolitan statistical areas
|
|
Realtor.com®'s Top Cities for
Millennials
1. Salt Lake City
The draw: The excitement of an urban city with the relaxed vibes
of a mountain town. Large tech companies such as Adobe are
attracting the millennial generation to this area by offering
innovative workspaces, large salaries and an overall high quality
of life.
Millennial hotspot: Sugar House, located southeast of
downtown Salt Lake City, offers
hip bars and trendy restaurants.
The stats: Millennials make up 15.8 percent of the population.
Homeowners spend 30 percent of their income on their home and the
unemployment rate is 2.9 percent
2. Miami
The draw: An international mecca for tourism and
entrepreneurship.
Millennial hotspots: Wynwood, located just north of downtown,
offers a strong art community. South Beach is a strong draw for
business and fashion oriented millennials looking to make it big in
their careers.
The stats: The millennial population makes up 13.1 percent of
the population. Affordability is tough, requiring the average buyer
to spend 49 percent of their income on a home. Its unemployment
rate is 5.1 percent, slightly above the national average.
3. Orlando
The draw: Downtown Orlando is
becoming a hot area and offers easy access to public
transportation, shopping and dining, as well as a proximity to many
jobs.
Millennial hotspots: Thornton Park, located just east of
downtown has also become popular among millennials who are looking
to live in a unique historic neighborhood with cobbled streets and
lined with bungalows.
The stats: Millennials account for 14.6 percent of the total
population in Orlando. Homes are
affordable here and only require 34 percent of income. The
unemployment rate is below the national average at 4.4 percent.
4. Seattle
The draw: With big company names such as Starbucks, Amazon,
Filson, K2 and REI, it's not hard to imagine why so many
millennials want to live and work in Seattle.
Millennial hotspots: Capitol Hill and Belltown are popular
neighborhoods for creative millennials who want access to boutique
shopping, craft breweries and unique dining experiences.
The stats: Seattle has the
second largest millennial population, at 15.2 percent, of all the
towns on the list. It offers affordability of 35.6 percent and an
unemployment rate of 4.2 percent.
5. Houston
The draw: A booming job market is drawing many young millennials
looking to jump-start their careers.
Millennial hotspots: The Heights, Oak Forest, and Timbergrove
attract millennials with their close proximity to downtown,
boutique shops, trendy restaurants and craft breweries.
The stats: Houston's population
is made up of 14.5 percent millennials. While people spend 36.1
percent of their income on homes, the unemployment rate in
Houston is slightly higher than
the national average at 5.4 percent.
6. Los Angeles
The draw: Companies such as Snap Inc. and Airbnb draw tech
driven millennials to what is now being referred to as "Silicon
Beach," while actors, comedians and music artists are still drawn
to the area for a chance at fame.
Millennial hotspots: Silver
Lake is a hotbed for millennials looking for a young
and creative community.
The stats: Millennials make up 15.0 percent of the population.
While the unemployment rate is in line with the national average at
4.7 percent, affordability is difficult in Los Angeles with people spending 64.1 percent
of their income on a home.
7. Buffalo
The draw: Money is flowing into the area as a tech scene begins
to expand from incubation competitions such as 43 North, which
awards $5 million in prizes
yearly.
Millennial hotspots: With a revitalized waterfront, downtown
Buffalo and North Buffalo are becoming hot real estate for
trendy millennials who are looking for easy access to shopping and
dining as well as a family oriented community.
The stats: For those millennials looking to spend more time
outdoors, Buffalo has a millennial
population of 13.4 and an unemployment rate of 5.6 percent. It is
the most affordable market on the list, where people only spend
22.7 percent of their salary on their home.
8. Albany
The draw: Albany is slowly
becoming what is referred to as the "Silicon Valley of the East
Coast," with companies such as GE putting up headquarters and
employing over 7,000 people. The large tech scene popping up is
attracting many young millennials who want to be in tech, but don't
want to pay for real Silicon Valley housing prices.
Millennial hotspot: Specialty cocktail bars, Biergartens, and
craft coffee houses make downtown Albany the place to be for millennials.
The stats: Millennials make up 12.7 percent of Albany's population. It offers both affordable
housing at 27.3 percent of income and a low unemployment rate at
4.5 percent.
9. San Francisco
The draw: San Francisco's tech
fueled job market is pumping millennials into the area left and
right, however, sky-high housing prices are pushing many of the
newcomers to the outer neighborhoods and forcing them to rent.
Millennial hotspots: North Beach and the Mission have become
popular for the young tech generation that have established
themselves and earned a large paycheck, while the Sunset District
and Daly City offer more
affordable housing options – relative to the rest of the city.
The stats: In San Francisco, millennials make up 15 percent of
the total population. While the unemployment rate is really low at
3.7 percent, affordability is a concern with people spending 56.2
percent of their income on a home.
10. San Jose
The draw: Opportunity to work in some of the most innovative
companies in the U.S. as well as the infamous Silicon Valley
paycheck, are major drivers drawing millennials to the area.
Millennial hotspots: Centrally located downtown San Jose is attracting many millennials
because of its public transportation as well as trendy shops and
unique dining experiences.
The stats: Millennials make up 14.2 percent of the total
population in San Jose. Similar to
San Francisco, the unemployment
rate is low at 3.7 percent but homes cost 53 percent of income.
About realtor.com®
Realtor.com® is the trusted resource for home buyers, sellers
and dreamers, offering the most comprehensive source of for-sale
properties, among competing national sites, and the information,
tools and professional expertise to help people move confidently
through every step of their home journey. It pioneered the world of
digital real estate 20 years ago, and today helps make all things
home simple, efficient and enjoyable. Realtor.com® is operated by
News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move,
Inc. under a perpetual license from the National Association of
REALTORS®. For more information, visit realtor.com®.
Media Contact:
Realtor.com®
Lexie Puckett Holbert –
lexie.puckett@move.com
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SOURCE realtor.com