The Boston housing market has received high marks for Millennial homebuyers in a new study from the National Association of Realtors.
Analyzing employment gains, population trends, income levels, and housing conditions in the nation’s 100 largest metro areas, NAR concluded that Boston was one of the 15 top purchase markets for Millennial buyers, with both the income and homeownership rate of Boston Millennials earning top marks.
The Plight of Millennial Homeownership
The cities NAR spotlighted, though, were the exception in today’s housing market, which has placed an increasing number of obstacles in front of Millennials looking to own a home. Lawrence Yun, NAR’s chief economist, spoke to those issues in comments accompanying the report.
“Even with potentially higher incomes, prospective Millennial homebuyers residing in some of the most expensive cities in the country face the onerous task of paying steep rents while trying to save for an adequate down payment,” he said. “However, for those currently living in or looking to move to a more affordable part of the country, there are metro areas right now with solid job growth and that offer a smoother path to homeownership.”
Our chart below breaks down the numbers from NAR’s report in more detail:
| Metro Area | Millennial Share of Population | Millennial Share of Movers | Employment Growth | Millennial Mover Income | Millennial Mover Homeowneship Rate |
|---|---|---|---|---|---|
| Austin | 17.7% | 29.4% | 4.9% | $51,810 | 19.4% |
| Boston | 14.7% | 27.5% | 2% | $71,207 | 22.7% |
| Charleston | 15.8% | 24.5% | 2.6% | $41,369 | 21.7% |
| Denver | 16.1% | 27.7% | 3.2% | $50,923 | 21.6% |
| Des Moines | 15.1% | 23.1% | 0.8% | $51,973 | 30.5% |
| Minneapolis | 15% | 27.4% | 1.9% | $55,066 | 28.7% |
| Nashville | 15% | 24.4% | 3.9% | $44,306 | 19.7% |
| Portland | 15% | 26.7% | 3.2% | $44,792 | 17.1% |
| Seattle | 16.2% | 29% | 3.3% | $64,294 | 19.8% |
| Washington, D.C. | 15.7% | 28.3% | 3.3% | $69,874 | 20.8% |