I hear it all the time, “kids these days.” or “I can’t find a decent executive assistant because millennials are so entitled.”. Millennials take a lot of heat for being entitled, unmotivated, and over-educated. Many claim that millennials would rather live at home than move out or rather rent than commit to a home. These people are vastly mistaken.
The millennial generation hit the job market during one of the greatest recessions of all time- and while many past generations have endured similar problems, the millennial generation is unique the sense that they are facing a globalized economy in which large corporations can outsource jobs to foreign nations for much less than they could pay a recent college graduate here in the United States. On top of that, due to the recession, they also have to compete with candidates who are 10-20 years their senior who lost their jobs for the same entry level positions. They got stuck in a catch 22 where no one would hire them after graduating college because they “lacked experience” which they obviously could not get without someone hiring them.
So it’s not that millennials are disinterested in buying and owning their own home, it’s more likely that they are simply not sure if it’s possible. The issue lies in the fact that roughly 97% of them need a home loan and this can be tricky when they are just starting their careers, or possibly still working a part time job that they are overqualified for while they seek full-time employment in their field of choice.
BUT, there is good news! According to Realtor.com there are 10 cities in which millennials make up about HALF of mortgage lenders. So without further ado, here are the top ten US cities for millennials to buy a home:
- Des Moines, IA
- Provo, UT
- Baton Rouge, LA
- Pittsburgh, PA
- Lafayette, LA
- Grand Rapids, MI
- Madison, WI
- Clarksville, TN
- New Orleans, LA
- Shreveport, LA
According to Realtor.com these 10 cities have homes available to millennials for significantly less than the national average price of a home ($232,000).