Millennials are the nation’s largest living generation, and also the largest group of home buyers. According to the National Association of Realtors 2017 Home Buyers and Sellers Generational Trends Report, nearly 40% of homebuyers were under 36 years old.
Millennial requirements for a home vary vastly from their predecessor generation. The most important items, according to a Northshore Fireplace survey, included new appliances, large master bedroom, 2-car garages and smart technology, like solar panels.
Location is another decisive factor for millennials, with 63% choosing to be within 25 miles of a major city.
But they may not be the major cities you’re thinking of…
According to research conducted by the Urban Land Institute, smaller cities are seeing growth for millennials, specifically 25-to-34 year olds.
Two of the highest growing cities are in southern Virginia, Hampton Roads and Richmond.
The Hampton Roads region which is made up of Chesapeake, Gloucester, Hampton, Isle of Wight County, James City County, Mathews County, Newport News, Norfolk, Poquoson, Portsmouth, Suffolk, Virginia Beach, Williamsburg and York County, topped the list with a 16.4 percent growth
Richmond, Virginia saw a 14.9% growth of millennials between 2010 to 2015.
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Other Washington, DC metro areas that made the list include, Baltimore, Columbia, Towson, Maryland, Arlington and Alexandria, Virginia, and Washington, DC.
However, cities like New York City and Los Angeles still remain millennial magnets, but the increase in millennials in New York City between 2010 to 2015 was only 2.5% which puts it at the bottom of the list.
Millennials are still very much attracted to the city-life, but smaller cities that offer lower-cost of living and are slower paced than their established counterparts.
Walnut Street Finance is happy to announce we are expanding our lending market area to Southern Virginia, including Richmond, Norfolk, Chesapeake and Virginia Beach! If you're looking for a hard money lender in these areas, contact us today.
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