The housing market across the U.S. is hot, and the millennial age group has quickly become the largest group of homebuyers. But with such high demand, rising home prices are hurting affordability.
According to data from the U.S. Census Bureau and Zillow, the following are 10 metro areas where millennials can actually afford to purchase a home. These locations were chosen based on average salary, home prices and the share of homes owned by people between the age of 21 and 38.
- Des Moines, Iowa
- Grand Rapids, Michigan
- Wichita, Kansas
- Omaha, Nebraska
- Toledo, Ohio
- Dayton, Ohio
- Oklahoma City, Oklahoma
- Little Rock, Arkansas
- Louis, Missouri
- Syracuse, New York
While the locations at the top of the list may offer a slightly lower average salary, they make up for it with more modest home prices. Studies done by Zillow show that home prices in many of these places are roughly 38% lower than the median listing price of $291,900.
Click here for more information about these studies.
Interested in purchasing or refinancing a home? Let us help! Call today to set up an appointment to discuss your homebuying options.
