With Millennials participating in the market more than ever before, sellers need to be aware of what this new influx of buyers is looking for. Not surprisingly, Millennials favor America’s most walkable cities. Younger generations of homebuyers are more inclined to favor cities with a better walk score than those that require transportation. That would explain why New York and San Francisco, cities with great “walkability,” are leading the way for Millennial buyers. Investors should take note of this when looking for their next property to flip.
Millennials were all but neglected from the housing sector for the better part of a decade. Following the recession, weak fundamentals made it increasingly difficult for anyone to buy a home, let alone those saddled with student debt, little-to-no savings and tight credit standards. However, the expansion of the economy has permitted more Millennials to actively participate in the housing sector. As predicted, Millennials have started buying. In fact, Millennials made up the largest share of homebuyers earlier this year at 32 percent, which is larger than all Baby Boomers combined. Moreover, Millennials also represented 15 percent of the seller market. In all, 68 percent of all Millennial purchases were first-time buyers.
What cities are Millennials turning to?