After years of working towards financial independence, many Millennials are now ready to buy homes. The big question remains, can they find an attainable product in a desirable location?
Costa Mesa, CA (PRWEB) May 02, 2017
Millennials, the largest living generation, will impact the housing market significantly over the coming years. Meyers Research calculated the estimated mortgage payment across top markets and compared it with the amount of income Millennials can put towards housing. Of the top 20 markets analyzed, 8 fall within the affordable range: Atlanta, Tampa, Cincinnati, Houston, Austin, Charlotte, Dallas, and Chicago. Relative to incomes, owning in Los Angeles, Denver, and Seattle is a stretch for many of the younger generation.
The resident Millennial and Manager of Housing Economics at Meyers Research, Ali Wolf, explains “Once Millennials age into their 30s, the statistics are behind them. They are no longer delaying getting married, delaying having kids, delaying buying homes. After years of working towards financial independence, many Millennials are now ready to buy homes. The big question remains, can they find an attainable product in a desirable location?”
The affordability calculation is based on the respective MSA’s median new home price and income for 25-34 year olds. The analysis assumes:
- 33% of their income goes towards housing
- A buyer is able to put a 10% down payment
About Meyers Research
Meyers Research, a Kennedy Wilson Company, combines experienced real estate and technology advisors with leading data to provide our clients with a clear perspective and a strategic path forward. Based in Beverly Hills, we are home to 80 experts in 10 offices across the country.