Affordable Cities Where Millennials Should Relocate To
Relocating to a certain city is a major decision be it for a career move or personal growth. Millennialswho are looking for dwelling spaces in urban locations across America mostly prefer to rent, but those with money to spare are in luck as a new report from CNN Money has narrowed choices down for them.
The report, which analyzed employment and median home prices, and home price growth data from the National Association of Realtors, named Austin and Dallas, Texas; Grand Rapids, Michigan; Salt Lake City and Ogden, Utah; Des Moines, Iowa; Denver, Colorado; New Orleans, Louisiana; Seattle, Washington, D.C.; New Orleans and Minneapolis, Minnesota as top cities where millennials should stay.
The locations were chosen based on job growth, which mostly ranges between 1.5 percent (Minneapolis) and 4.2 percent (Austin) annually, and median home prices mostly ranging between $123,000 and $340,000 (Seattle). The cities were also chosen based on business climate, booming industries, and tendency to become a “millennial hotspot.”
The report noted cities like Austin, Dallas, Seattle for their high-income tech industry; New Orleans and Minneapolis for their revitalized tech, health care and art industries; and Salt Lake City for its “robust growth” of its tech, legal, design, and professional and business services sectors.
Denver and Des Moines were noted by the report as the best places for startup businesses. Grand Rapids was noted for its 4.2 percent job growth and surging number of millenial residents at 27 percent.
The millennial generation suffered quite a blow during the financial crunch with unemployment rates reaching 12.9 percent, Bureau of Labor Statistics data showed. Due to student loan debts, many millennials were forced or have chosen to rent rather than buy a starter home.
And while the recovering economy has given some of them jobs, those who can afford a home with their salaries do not easily qualify for a loan due to unpaid student loans they took out in college. According to the Consumer Financial Protection Bureau, some 67 percent of Americans under the age of 40 account for around $1 trillion of student loans owed.
Some home builders like D.R. Horton have been proactive about the situation, developing “express home” communities for millennials still burdened by student debts, an independent report on Investors Place said. The homes are utilitarian at best, but they are definitely within the budget of millenial home buyers. Horton announced it will start construction for these homes in Texas, Florida and Georgia next year.
Millenians looking for their first homes could conduct their searches online. Nestbuilder.com is among the top property listings destination where they can search for licensed agents that can help them find their first dream home in the said cities.
Nestbuilder.com is a property listings site developed by Florida-based digital media company RealBiz Media Group, Inc. (OTCQB: RBIZ). Launched early this year, the website accommodates over 350,000 real estate agent accounts, not to mention 1.6 million video listings.
Each individual listing page on Nestbuilder.com features a professional virtual tour of the property with audio commentaries, an overview of the property and a map to pinpoint to buyers the property’s exact location. The page is also equipped with social media integration functionalities allowing agents and consumers to save the page for reading later or for friends and people within their network to see on Facebook, Twitter, Pinterest and Google Plus.
RealBiz has access to the nation’s largest real estate companies with numerous approved vendors and national contracts, both key to its future development programs. When completed, the company is targeting distribution of its digital video network to more than 70 million households and an agent driven MicroVideo App program. For more information, please dial this toll free number at 1.888.REAL.BIZ (888.732.5249) or email at firstname.lastname@example.org.
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.