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With record low mortgage rates, housing is becoming more affordable. Nationwide, affordability increased by 8% in April 2020 compared to a year earlier, according to the REALTORS® Affordability Distribution Score, a collaboration between the National Association of REALTORS® and realtor.com®, which measures the affordability of current for-sale homes overall as well as at different income levels. At the same time, Millennials made up the largest cohort of homebuyers. With a strong desire to buy a home for their families, Millennial homebuyers can benefit from low mortgage rates.
The National Association of REALTORS® identified the top 10 markets with excellent opportunities for Millennial homebuyers; the current report analyzed current housing affordability conditions, the presence of Millennials in the area, local job market conditions during COVID-19 pandemic conditions, and inventory availability in the largest 100 metropolitan statistical areas across the country.
These top 10 markets were chosen for their above-average scores in improving affordability, relatively better inventory availability, the strong presence of millennial residents, a lower share of the industries most affected by the lockdown, and fewer job losses during the pandemic than the average.
The National Association of REALTORS® identified the top 10 markets with excellent opportunities for Millennial homebuyers; the current report analyzed current housing affordability conditions, the presence of Millennials in the area, local job market conditions during COVID-19 pandemic conditions, and inventory availability in the largest 100 metropolitan statistical areas across the country.
