Millennials are waiting longer to buy their first home with many skipping starter homes to move straight to million dollar properties. Experts believe that there are many different reasons that people are waiting longer to purchase their first home including the fact that they are waiting longer in life to get married.
The hottest city in the United States for millennials to buy property in is Salt Lake City. Homes located within zip code 84104 are especially attractive to millennials who are spending an average of 30 percent of their income on their home purchase. The average home in this zip code sells for $149,000. Many people are drawn to the area because of nearby recreation opportunities, a thriving economy and an attractive downtown area. In fact, the entire Salt Lake City community has experienced over a 49 percent real estate growth rate for 2017 when compared to 2016.
Millennials are also considering nearby Sandy, Utah. While the average home there sells for $302,000, many millennials are holding out waiting for the most expensive homes to come on the market while paying down their student loans. This community located 17.5 miles south of Salt Lake City is developing a master biking and walking plan to attract millennials who do not want to own a car.
Other areas popular with millennials include Palm Beach and Orlando, Florida, along with Seattle and Houston. California, however, still holds the most cities in the top 10 where millennials are choosing to settle including the San Francisco, Los Angeles and San Jose areas.