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5 Great Cities for Millennials to Buy a Home

Now that Generation X is all grown up, a new wave of homebuyers are coming of age - The Millennials.  As Millennials graduate from college and start entering the real world, they are also entering into a new era of the real estate industry, featuring brand new rules, regulations, and technology.  However, the number one rule of thumb still applies when purchasing real estate - location, location, location!  The National Association of Realtors did a study which ranked some of the greatest cities for millennials to buy a home.  Their rankings were based on employment data, home price growth (Q1 2014), affordability, median home prices, and the percentage of Millennials living in the metro area, as well as their share of all age groups moving to the area.

Let's take a look at 5 Great Cities For Millennials to Buy a Home:

1. Salt Lake City, UT

5 Great Cities for Millennials to Buy a Home

  • Median home price: $233,000
  • Job growth: 2.4%

Salt Lake City is a great location for Millennials who love the outdoors, and according to Utah's Economic Development Corporation it's also a great place for those looking to start a career in information technology, law, and accounting.  Salt Lake City boasts an extremely low unemployment rate of 4% and is becoming known for it's upward mobility.  Although it may not be the lifestyle for some, individuals who enjoy the quiet and serene surroundings will certainly be able to flourish here.

2. New Orleans, LA

5 Great Cities for Millennials to Buy a Home

  • Median home price: $158,000
  • Job growth: 2.5%

New Orleans is another up and coming cities for Millennials.  The Big Easy may be famed for its eccentric nightlife, but there is more to this metropolitan area.  In the wake of its hurricane Katrina rehabilitation, N.O. has seen a major increase in high quality jobs in a variety of industries such as:  information technology, energy, aerospace, and film.  With a modest unemployment rate of 4.8%, and job growth at 2.5% annually, finding a job in this metropolitan area is far from impossible.  Perhaps the most attractive aspect of New Orleans is the $158K median home price, which makes living here affordable for a new homebuyer.

3. Des Moines, IA

5 Great Cities For Millennials to Buy a Home

  • Median home price: $153,000
  • Job growth: 3%

When people envision Iowa, they certainly don't think of a hotbed of activity.  However, there has recently been an increase in population and activity in the area.  One of the main attractions for young Millennial entrepreneurs are the local incubators and organizations like StartupCity Des Moines, which provides co-working spaces, funding and other opportunities to young companies.  In fact, 29% of new residents in Des Moines are under the age of 35, compared to 23.5 nationally.  With low unemployment rates and low housing prices, it's no wonder groups of new homebuyers are settling in, especially if they're already comfortable with the laid back Midwest lifestyle.

4. Austin, TX

5 Great Cities for Millennials to Buy a Home

  • Median home price: $226,000
  • Job growth: 4.2%

With a large number of corporations moving their headquarters, main offices, and branches to Texas, Austin has become a hotbed of young job seekers.  Simultaneously there is a lot of land to build on, providing a large supply to try and meet the new found demand.  While the median home price isn't the cheapest on the list, the high incomes in the surrounding area make Austin a great location for Millennials to reside.

5. Grand Rapids, MI

5 Great Cities for Millennials to Buy a Home

  • Median home price: $123,000
  • Job growth: 4.2%

According to the National Association of Realtors, between 2010 and 2012, nearly 27% of new residents in Grand Rapids were between the ages of 24 and 35.  A large part of the reason is because the number of jobs in the area grew 4.2% in the last year.  The city is also renovating itself to accommodate the lifestyle of Millennials, transforming old commercial buildings into condos with retail stores, cafes, and restaurants. The best part about Grand Rapids is the affordability of homes, with prices falling below the national median average at $122K!

See Related: Top 5 Cities to Rent vs. Buy

Can you imagine Millennials living in these cities?  Leave us a comment and let us know what you think about this list.

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