An analysis of the largest 100 metropolitan statistical areas in the US by the National Association of Realtors (NAR) has resulted in the release of their list of top housing markets for millennials from the past year of the pandemic. NAR used housing affordability, local job market conditions during the COVID-19 pandemic, share of millennials in the area, and inventory availability as part of their metrics in the development of the list.
“With relatively better employment conditions and a strong presence of millennials in these markets, more new home construction will be required to fully satisfy the housing demand as the economy reopens” said NAR’s Chief Economist Lawrence Yun. Nationally there has been a 6% increase in the percent of listed homes the typical household can afford to buy since 2019, but with median home prices in the $300k and $400k range in some of the top markets, many millennials will still be priced out.
The NAR Top 10 Housing Markets for Millennials during the Pandemic, listed alphabetically:
Austin-Round Rock, Texas:
- Affordability, April 2020 (y-y change): 11%
- Share of Millennials: 35%
- New Listings, April 2020 (y-y change): -28%
- Share of most affected employment: 20%
- Median Home Price (Q1 2020): $341,500
- Share of listings that the typical household can afford to buy (April 2020): 33%
- Employment y-y change (April 2020): -9%
Dallas-Fort Worth-Arlington, Texas
- Affordability, April 2020 (y-y change): 22%
- Share of Millennials: 30%
- New Listings, April 2020 (y-y change): -36%
- Share of most affected employment: 21%
- Median Home Price (Q1 2020): $269,700
- Share of listings that the typical household can afford to buy (April 2020): 30%
- Employment y-y change (April 2020): -8%
Des Moines-West Des Moines, Iowa
- Affordability, April 2020 (y-y change): 11%
- Share of Millennials: 31%
- New Listings, April 2020 (y-y change): -16%
- Share of most affected employment: 17%
- Median Home Price (Q1 2020): $209,200
- Share of listings that the typical household can afford to buy (April 2020): 57%
- Employment y-y change (April 2020): -10%
Durham-Chapel Hill-Raleigh, North Carolina
- Affordability, April 2020 (y-y change): 23%
- Share of Millennials: 31%
- New Listings, April 2020 (y-y change): -36%
- Share of most affected employment: 15%
- Median Home Price (Q1 2020): $293,800
- Share of listings that the typical household can afford to buy (April 2020): 26%
- Employment y-y change (April 2020): -11%
Houston-The Woodlands, Texas
- Affordability, April 2020 (y-y change): 14%
- Share of Millennials: 30%
- New Listings, April 2020 (y-y change): -31%
- Share of most affected employment: 19%
- Median Home Price (Q1 2020): $245,300
- Share of listings that the typical household can afford to buy (April 2020): 31%
- Employment y-y change (April 2020): -8%
Indianapolis-Carmel-Anderson, Indiana
- Affordability, April 2020 (y-y change): 12%
- Share of Millennials: 30%
- New Listings, April 2020 (y-y change): -35%
- Share of most affected employment: 19%
- Median Home Price (Q1 2020): $204,000
- Share of listings that the typical household can afford to buy (April 2020): 47%
- Employment y-y change (April 2020): -11%
Omaha, Nebraska/Council Bluffs, Iowa
- Affordability, April 2020 (y-y change): 15%
- Share of Millennials: 30%
- New Listings, April 2020 (y-y change): -30%
- Share of most affected employment: 18%
- Median Home Price (Q1 2020): $197,000
- Share of listings that the typical household can afford to buy (April 2020): 38%
- Employment y-y change (April 2020): -9%
Phoenix-Mesa-Scottsdale, Arizona
- Affordability, April 2020 (y-y change): 12%
- Share of Millennials: 27%
- New Listings, April 2020 (y-y change): -24%
- Share of most affected employment: 21%
- Median Home Price (Q1 2020): $308,900
- Share of listings that the typical household can afford to buy (April 2020): 29%
- Employment y-y change (April 2020): -8%
Portland, Oregon/Vancouver, Washington
- Affordability, April 2020 (y-y change): 17%
- Share of Millennials: 27%
- New Listings, April 2020 (y-y change): -41%
- Share of most affected employment: 19%
- Median Home Price (Q1 2020): $416,100
- Share of listings that the typical household can afford to buy (April 2020): 20%
- Employment y-y change (April 2020): -12%
Salt Lake City, Utah
- Affordability, April 2020 (y-y change): 13%
- Share of Millennials: 32%
- New Listings, April 2020 (y-y change): -14%
- Share of most affected employment: 18%
- Median Home Price (Q1 2020): $372,100
- Share of listings that the typical household can afford to buy (April 2020): 30%
- Employment y-y change (April 2020): -8%
Yasmin Diallo Turk is a long-time Austinite, non-profit professional in the field of sexual and domestic violence, and graduate of both Huston-Tillotson University and the LBJ School of Public Affairs at the University of Texas. When not writing for AG she should be writing her dissertation but is probably just watching Netflix with her husband and 3 kids or running volunteer projects for HOPE for Senegal.
