The recession, in association with the subsequent rebound, has made it increasingly difficult for prospective first-time homeowners to actively participate in the market. Of particular concern, however, are the ill effects this void has had on the housing sector. Economic circumstances have prevented an entire generation of potential buyers from contributing to the housing market in recent years.
Fortunately, the millennial population appears ready to take their place amongst the nation’s homeowners. Encouraging signs have signaled an end to their financial struggles. Experts predict that a strengthening labor force will allow millennials to contribute to the housing market within two to five years.
If the millennial generation is indeed the key to a sustained real estate recovery, those local markets that are most affordable while still being attractive to this generation are likely where the most unimpeded housing growth will occur. Essentially, markets attracting first-time buyers could play a pivotal role in the current recovery. Having said that, the following info-graphic has identified several of the most affordable housing markets for millennials: