Published January 19, 2021

PHX-Mesa-Scottsdale In Top 10 Markets For Millenial Homebuyers During Pandemic

Written by Shanna Day Team

PHX-Mesa-Scottsdale In Top 10 Markets For Millenial Homebuyers During Pandemic header image.

After analyzing the 100 biggest metropolitan statistical areas based on current housing affordability, local job market conditions, share of millenials and available inventory amidst the coronavirus pandemic, the National Association of Realtors (NAR) was able to identify the top 10 US markets for millenial homebuyers which includes the Phoenix-Mesa-Scottsdale area in Arizona.

Findings made by the Realtors Affordability Distribution Score, the collaborated effort between the NAR and realtor.com, show that 40% of the homes listed for sale at present can be purchased with the average US household income; last year, nationwide affordability was at 34%. For the top 10 areas this year, though, affordability rose beyond the national average thanks to comparably better employment conditions and a higher number of millenial homebuyers.

These markets more or less have three millenials in every 10 residents. Additionally, they fare better than most of the 100 largest metropolitan areas when it comes to employment decreases which has an average of 13% and share of workers whose jobs are at risk by lockdowns at 21%.

Source:

https://builderonline.com/