With a solid job under your belt and a hopefully growing savings account, you’re ready to dabble in the world of real estate. The only problem is that locking in a home you want for the price you want isn’t that easy.
But mortgage rates are at historical lows and rents are only increasing, making it a great time to buy a home if you can only find one.
You’re not completely out of luck though. The National Association of Realtors compiled a list of the top 10 metro areas for young homeowners, analyzing employment gains, population trends, income levels and housing conditions in the largest 100 metropolitan statistical areas across the country.
And don’t worry. This list is compiled with what you actually want and need in mind, including homes in your price range.
The metros NAR identified were picked for their above-average share of current Millennial residents and recent movers, favorable employment opportunities and relatively low qualifying incomes needed to purchase a home.
“For those currently living in or looking to move to a more affordable part of the country, there are metro areas right now with solid job growth and that offer a smoother path to homeownership,” said Lawrence Yun, NAR chief economist.
“An overwhelming majority of young renters recently said they eventually want to buy a home,” adds Yun. “As long as new and existing-home supply keeps up to meet demand and holds prices from rising too quickly, these identified areas are poised to lead the way in helping millennials realize their American Dream of becoming a homeowner.”
Here’s the list of the top 10 metros in alphabetical order:
Austin, Texas
Share of Millennial movers: 29.4%
Qualifying income: $43,635
Median household income: $51,810
Charleston, South Carolina
Share of Millennial movers: 24.5%
Qualifying income: $41,369
Median household income: $47,903
Denver
Share of Millennial movers: 27.7%
Qualifying income: $56,234
Median household income: $50,923
Minneapolis, Minnesota
Share of Millennial movers: 27.4%
Qualifying income: $38,087
Median household income: $55,066
Ogden, Utah
Share of Millennial movers: 24.6%
Qualifying income: $29,005
Median household income: $54,608
Portland, Oregon
Share of Millennial movers: 26.7%
Qualifying income: $51,847
Median household income: $44,792
Raleigh, North Carolina
Share of Millennial movers: 25.7%
Qualifying income: $37,815
Median household income: $49,892
Salt Lake City
Share of Millennial movers: 27.2%
Qualifying income: $43,345
Median household income: $51,930
Seattle
Share of Millennial movers: 29.0%
Qualifying income: $64,645
Median household income: $64,294
Washington, D.C.
Share of Millennial movers: 28.3%
Qualifying income: $69,576
Median household income: $69,874
