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Millennials make up 30 percent of the current population of homebuyers, according to Realtor.com. As housing supply remains tight, and home prices high in bigger cities, millennial homebuyers are looking elsewhere to purchase homes.
Ohio, North and South Dakota had the most cities in the Top 11, with Athens, Ohio topping Credit.com's list. Based on this ranking, U.S. cities with colleges and universities, greater housing affordability, and growing commercial development are being targeted by millennial homebuyers.
Understanding where millennials are buying homes is important both to the housing industry and to young people looking for alternatives to oppressive monthly mortgage payments. “As millennials continue to enter the housing market, we are seeing great activity in the middle of the US, where inventory is generally more affordable than on the coasts,” says Joe Tyrrell, executive vice president of corporate strategy for Ellie Mae.
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