The National Association of Realtors® has identified Denver as one of the top 10 best markets in the country for millennial homebuyers.
The association analyzed current housing conditions, job creation and population trends in metropolitan statistical areas across the U.S. to find the best areas for young homebuyers.
Austin, Texas and Salt Lake City, Utah were identified as the best markets, but seven of the top 10 were located in the west and Midwest, including Denver.
First-time homebuyers have been mostly absent from the housing market in the years following the recession, but some metro areas have the right formula for attracting homebuyers in the millennial generation.
According to the association’s research, 15.7 percent of the Denver metro population in the years between 2010 and 2012 were millennials (typically defined as people born after 1982), and the growth in private payroll jobs from May 2013 to May 2014 was 2.7 percent, contributing to an overall unemployment rate of 5.9 percent.
The strong economy in Denver provides young people with the income needed to purchase a home.
“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,” said Lawrence Yun, NAR chief economist. “However, NAR research find that there are other metro areas millennials are moving to 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 economy improves.”
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