Great news for younger buyers in the Denver
metro area: you’re in the right place. At least according to recent findings
from the National Association of Realtors. The term “millennial” refers to a
growing part of the population that was born after 1982. And while there are
some obstacles with this group as first-time home buyers (stringent credit
requirements, a lower availability of homes, etc.), Denver is quickly becoming
a high-profile location for this growing group.
According to the NAR, Denver is one of the top 10 best
markets in the country for millennial homebuyers.
To obtain the rankings, the association analyzed 100 metro areas that have a
large millennial presence, solid local job market conditions and strong
migration patterns of young adults moving to the area to determine the best
purchase prospects for young buyers. Also considered were housing affordability
and inventory availability.
The NAR said first-time homebuyers have
been mostly absent from the housing market in the years following the
recession, but some metro areas , like Denver, have the perfect formula for
attracting homebuyers in the millennial generation.
job prospects, student debt and flat wage growth, combined with tight credit
conditions and low inventory, have limited the ability for millennials to buy
homes in top cities such as New York and San Francisco. However, there are
other metro areas millennials are moving – largely in the west and Midwest -
where job growth is strong and homeownership is more attainable. These markets
are well-positioned to soon experience a rise in first-time buyers as the
According to the association's research,
15.7 percent of the Denver metro population in the years between 2010 and 2012
were millennials and the growth in private payroll jobs from May 2013 to May
2014 was 2.7 percent. This growth is a huge motivator for younger generations
to consider calling Denver home.
Though employment in
Denver is relatively strong, the housing inventory here isn’t. In fact, there was a 20 percent drop in inventory year-over-year in May, which
is a very real problem for young homebuyers in Denver. Still, as the real estate market keeps
gaining momentum and new construction continues, for a variety of reasons, many
experts agree Denver is fast becoming a go-to for the millennial crowd.
Author:Ken Blevins Phone: 720-255-7242 Dated: July 28th 2014 Views: 924 About Ken: Ken Blevins, Chief Executive Officer of Metrowest Real Estate Services, is a veteran in mortgage and...
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