“REALTORS® throughout the country have noticed both the notable upturn in buyer interest from young adults over the past year, as well as mounting frustration once they begin actively searching for a home to buy,” says Lawrence Yun, chief economist at the National Association of REALTORS® (NAR). “Prices keep rising for the limited number of listings on the market they can afford, which is creating stark competition, speedy price growth and the need to save more in order to buy. These challenging market conditions have caused—and will continue to cause—many aspiring millennial buyers to continue renting unless more Gen Xers decide to sell, and entry-level home construction significantly picks up.”
When it comes to the location of their next home, the millennial generation’s top priorities are convenience to a job, affordability, and convenience to friends and family. “The sense of community and wanting friends and family nearby is a major factor for many homebuyers of all ages,” Yun says. “Similar to Gen X buyers who have their parents living at home, millennial buyers with kids may seek the convenience of having family nearby to help raise their family.” The median distance between the home purchased and the previous residence for all generations is 15 miles (Example: Downtown Minneapolis to Minnetonka). Older Baby Boomers proved to move the farthest with a median distance of 30 miles (Example: Woodbury to Minnetonka).
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