The Millennial generation is growing up. They are quickly coming to an age where purchasing a home is of the utmost importance. The Millennial mindset is different than that of previous generations. Dozens of unexpected cities across the nation are receiving attention from this new generation of homebuyer. Which cities are they? Let’s find out.
Des Moines, IA
Not the first city that comes to mind when thinking about Millennials and real estate, but it’s true. The cost of rent in Des Moines is rising, and Millennials are quickly taking notice and taking action. According to Realtor.com, the median price of a home in Des Moines is $279,900, which is a bit higher than the national average. However, several of the Millennial homebuyers have taken advantage of federally-backed mortgage loans that allow you to opt out of a standard 20% down payment. With cheaper down payments, less-expensive mortgages, and terrific nearby workplaces, Des Moines, Iowa is a hot market for Millennials.
Duluth, MN
This city is unique in the sense that it is one of the more rural locations — or at least it is a bit more secluded than usual. The median home list price is $175,000. But that isn’t the actual draw of Duluth; it’s real draw is the outdoors lifestyle. Many a Millennial are flocking to the city to experience the full-fledged outdoor experience, buying up cabins in the woods. Much like Des Moines, Duluth offers many successful career opportunities with its rich port, engineering and aviation industries.
Lancaster, PA
Millennials are a different generation than previous ones; they want beautiful, affordable homes in a historic city that is rife with burgeoning city life and hotspots. Not many cities across the country can fit that bill, but Lancaster, Pennsylvania is one of them. Founded in 1729, Lancaster is home to some of the most historic sites and figures in the nation. It is also home to North America’s oldest Amish settlement, and is well-known for its Amish culture. The city’s up-and-coming arts district and nightlife is another reason for its popularity with Millennial homebuyers.
Millennials continue to grow older, start families and look for houses to purchase. They are looking for very specific cities to call home. These are only a handful of the country’s most popular cities with the young generation.