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Usual suspects absent from list of top markets for Millennial homebuyers

By Berit Griffin July 25, 2014

Young adults have always been attracted to large metropolitan cities like moths to a flame. There is an irresistible pull — entertainment, shopping, dining, nightlife, the sheer hustle and bustle.

Not all major U.S. cities are viewed equally by millennials, though. New research from the National Associations of REALTORS examined metro markets most attractive to first-time homebuyers who fall into the age group. Their study factored current housing conditions and housing affordability, job creation, and population trends in 100 metro areas across the country.

“Limited job prospects, student debt, and flat wage growth have combined with tight credit conditions and low inventory to price millennials out of some of the top cities such as New York and San Francisco,” says Lawrence Yun, NAR’s chief economist. “However, NAR research finds that there are other metro areas millennials are moving to where job growth is strong and home ownership is more attainable. These markets are well-positioned to soon experience a rise in first-time buyers as the economy improves.”

The top metro areas included:

  • Dallas
  • Denver
  • Des Moines, Iowa
  • Grand Rapids, Mich.
  • Minneapolis
  • New Orleans
  • Ogden, Utah
  • Salt Lake City
  • Seattle

NAR also identified the following markets with high potential for attracting millennial home buyers:

  • Madison, Wis.
  • Nashville, Tenn.
  • Omaha, Neb.
  • Raleigh, N.C.
  • Washington, D.C.