When you’re looking for the new hot spots, you want to follow the young people. And true to form, millennials are leading the charge in the American neighborhoods that are seeing the most real-estate action this year.
Here at realtor.com®, we regularly report on the hottest markets for buyers and sellers. And once a year, we zoom in even further, to focus on the neighborhoods where homes are flying off the market and listing views get constant clicks. That’s how we arrive at our list of the hottest ZIP codes in America.
So what’s hot? Suburbs. In ever-increasing numbers, millennials are fleeing downtown and heading for the nearby towns, especially around Silicon Valley and throughout the Midwest and East Coast. That youth wave is driving a nearly 10% increase in how fast homes are selling in those areas.
It turns out the classic selling points of the burbs—more space, good schools—grow more appealing as young people start families and their priorities shift.
“The higher-earning millennials in particular feel increasingly confident,” says Jason Dorsey, president of the Austin, TX–based Center for Generational Kinetics, pointing out that those who weathered the Great Recession are generally now in a good place in their careers. Sure, they may have student debt, but it’s more likely to be under control. So they’re ready to invest in a home.
“When it comes to choosing a home of their own, millennials are looking for opportunity and they’re finding it in affordable suburbs,” said Danielle Hale, chief economist for realtor.com, in a statement.
The homes in the top markets on our list are relatively affordable, with a median price of $358,000—typically, more affordable than in their surrounding area. That makes them a good choice for starter homes.
Check out these hot hoods!
By Cicely Wedgeworth, http://www.realtor.com
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