In fact, these millennials are even repeat buyers, moving from their first home to their second. Those repeat buyers accounted for 35% of mortgage applications.
While millennials are buying homes, they might not be buying in pricey areas like Los Angeles, San Francisco, or other metropolitan areas.
Many millennials are debating whether they should continue to rent in their pricey neighborhood or move-out-of-state to buy in a more affordable community.
Some of the top real estate markets for first-time home buyers include:
- Bloomington, Illinois
- Iowa City, Iowa,
- Kalamazoo, Michigan;
- Great Falls, Montana;
- Eau Claire, Wisconsin;
- Savannah, Georgia;
Were you surprised that none are in California? I wasn’t. Although Southern California has a reputation for being less affordable than other states, there are still pockets of the Inland Empire, San Bernardino and Los Angeles counties that offer affordable options for millennials and first time buyers.
Are you considering a move out of state? It is a hot market for sellers right now which means many home buyers will accommodate your move by being flexible with closing escrow and how much time you have to move out of your house.