These are the 10 most popular cities for Millennial homebuyers right now:
conducted in February. A staggering 84% of renters said that renting is more affordable than buying a home—a 17 percentage point increase from two years prior.
“People don’t really pull up stakes and move across the country. They may have a network in a single day’s drive, so that’s where they’ll look. Or they might move to where they have family. But most Americans don’t move clear across the country,” says Jeff Tucker, an economist at Zillow. “Chicago is one of the most affordable big cities in the country,” Tucker says. “Millennials are getting older, many are approaching 30, which is the age range when people are moving from renting to owning. These are people that don’t have a big nest egg to put down but they still want to be in a city, so places like Chicago are appealing.”
Inventory is tight, which likely won’t change in the near-term, as shutdowns could be imminent if the coronavirus persists. Measures like shelter-in-place orders delay new construction and diminish for-sale listings, which will keep home values up as the supply falls short of demand. This means that it’s still a seller’s market, so scoring a great deal isn’t likely. But buyers might also reap the benefits of tightened inventory in the coming years.
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