The top 10 cities for millennials to buy a home during a pandemic

Nationwide, the typical household can afford to buy 40% of the homes currently listed for sale compared to 34% a year earlier, according to the National Association of REALTORS® (NAR) Affordability Distribution Score, a collaboration between NAR and realtor.com.

The score measures the affordability of current for-sale homes overall, as well as at different income levels. In these top 10 markets, affordability increased more this year than it did nationwide. In Phoenix it increased by 12 percent, better than the average of the top 100 metro areas (nine percent).

The median home price in Phoenix is $308,900, which is above the average of the Top 100 markets ($288,455). According to the data, 35 percent of millennials who are currently renting homes in Phoenix can afford a home at that median price. Although that is slightly below the national average (40 percent), It is higher than the share of listings in the market that a typical household can afford to buy (29 percent) and above the national average that a typical household can afford (36 percent).

According to April 2020 employment data, employment declined by an average of nearly 13 percent in the largest 100 metro areas compared to last year. However, in Phoenix, it dropped only eight percent from a year earlier.

The Top 10 markets listed had a smaller share of workers, on average, in industries most affected by the pandemic-induced economic lockdown. The average for the largest 100 markets in the U.S. is 21 percent for industries at high risk of coronavirus. Phoenix was right on that average at 21 percent as well.

Another common factor among these markets is better-than-average inventory availability. However, for Phoenix, the number of active listings in April 2020 dropped more precipitously than most of the Top-10 markets, falling 25 percent from the same time a year earlier, according to realtor.com. Comparatively, inventory declined 18% on average in the largest 100 metro areas.

Three in 10 residents in the top 10 markets – 30 percent – are millennials. That’s higher than the average of the top 100 markets (26 percent). While ahead of the national average, Phoenix does have a smaller share of millennials than its other Top-10 compatriots with just 27 percent of the market falling into the millennial demographic. With millennials making up the largest cohort of homebuyers, these areas are expected to see many of their millennial residents become homeowners.

Nationwide, the typical household can afford to buy 40% of the homes currently listed for sale compared to 34% a year earlier, according to the National Association of REALTORS® (NAR) Affordability Distribution Score, a collaboration between NAR and realtor.com.

The score measures the affordability of current for-sale homes overall, as well as at different income levels. In these top 10 markets, affordability increased more this year than it did nationwide. In Indianapolis it increased by 12 percent, better than the average of the top 100 metro areas (nine percent).

The median home price in Indianapolis is $204,000, which is well below the average of the Top 100 markets ($288,455). Because of this, according to the data, 53 percent of millennials who are currently renting homes in Indianapolis can afford a home at that median price – way above the national average (40 percent).

According to April 2020 employment data, employment declined by an average of nearly 13 percent in the largest 100 metro areas compared to last year. However, in Indianapolis, it dropped less – only 11 percent from a year earlier.

The Top 10 markets listed had a smaller share of workers, on average, in industries most affected by the pandemic-induced economic lockdown. The average for the largest 100 markets in the U.S. is 21 percent for industries at high risk of coronavirus. Indianapolis was just below that average at 19 percent.

Another common factor among these markets is better-than-average inventory availability. For Indianapolis, the number of active listings in April 2020 slipped by 10 percent from the same time a year earlier, according to realtor.com. However, inventory declined 18% on average in the largest 100 metro areas.

Three in 10 residents in the top 10 markets – 30 percent – are millennials. That’s higher than the average of the top 100 markets (26 percent). Indianapolis is no different, where 30 percent of the market falls into the millennial demographic. With millennials making up the largest cohort of homebuyers, these areas are expected to see many of their millennial residents become homeowners.

Nationwide, the typical household can afford to buy 40% of the homes currently listed for sale compared to 34% a year earlier, according to the National Association of REALTORS® (NAR) Affordability Distribution Score, a collaboration between NAR and realtor.com.

The score measures the affordability of current for-sale homes overall, as well as at different income levels. In these top 10 markets, affordability increased more this year than it did nationwide. In Des Moines it increased by 11 percent, a couple ticks above the average of the top 100 metro areas (nine percent).

The median home price in Des Moines is $209,200, which is lower than the average of the Top 100 markets ($288,455). According to the data, 59 percent of millennials who are currently renting homes in Des Moines can afford a home at that median price. This is much better than the national average of 40 percent.

According to April 2020 employment data, employment declined by an average of nearly 13 percent in the largest 100 metro areas compared to last year. However, in Des Moines, it dropped only 10 percent from a year earlier.

The Top 10 markets listed had a smaller share of workers, on average, in industries most affected by the pandemic-induced economic lockdown. The average for the largest 100 markets in the U.S. is 21 percent for industries at high risk of coronavirus. Des Moines was below that average at 17 percent.

Another common factor among these markets is better-than-average inventory availability. For Des Moines, the number of active listings in April 2020 actually increased by five percent from the same time a year earlier, according to realtor.com. Meanwhile, inventory declined 18% on average in the largest 100 metro areas.

Three in 10 residents in the top 10 markets – 30 percent – are millennials. That’s higher than the average of the top 100 markets (26 percent). Des Moines has a similar share, with 31 percent of the market falling into the millennial demographic. With millennials making up the largest cohort of homebuyers, these areas are expected to see many of their millennial residents become homeowners.

Nationwide, the typical household can afford to buy 40% of the homes currently listed for sale compared to 34% a year earlier, according to the National Association of REALTORS® (NAR) Affordability Distribution Score, a collaboration between NAR and realtor.com.

The score measures the affordability of current for-sale homes overall, as well as at different income levels. In these top 10 markets, affordability increased more this year than it did nationwide. In Omaha it increased by 15 percent, significantly better than the average of the top 100 metro areas (nine percent).

The median home price in Omaha is $197,000, which is well below the average of the Top 100 markets ($288,455). Because of this, according to the data, 49 percent of millennials who are currently renting homes in Omaha can afford a home at that median price – way above the national average (40 percent).

According to April 2020 employment data, employment declined by an average of nearly 13 percent in the largest 100 metro areas compared to last year. However, in Omaha, it dropped only nine percent from a year earlier.

The Top 10 markets listed had a smaller share of workers, on average, in industries most affected by the pandemic-induced economic lockdown. The average for the largest 100 markets in the U.S. is 21 percent for industries at high risk of coronavirus. Omaha was just below that average at 18 percent.

Another common factor among these markets is better-than-average inventory availability. For Omaha, the number of active listings in April 2020 actually increased by one percent from the same time a year earlier, according to realtor.com. Comparatively, inventory declined 18% on average in the largest 100 metro areas.

Three in 10 residents in the top 10 markets – 30 percent – are millennials. That’s higher than the average of the top 100 markets (26 percent). Omaha is the same where 30 percent of the market falls into the millennial demographic. With millennials making up the largest cohort of homebuyers, these areas are expected to see many of their millennial residents become homeowners.

Nationwide, the typical household can afford to buy 40% of the homes currently listed for sale compared to 34% a year earlier, according to the National Association of REALTORS® (NAR) Affordability Distribution Score, a collaboration between NAR and realtor.com.

The score measures the affordability of current for-sale homes overall, as well as at different income levels. In these top 10 markets, affordability increased more this year than it did nationwide. In Durham it increased by 23 percent, well above the average of the top 100 metro areas (nine percent).

The median home price in Durham is $293,800, which is higher than the average of the Top 100 markets ($288,455). Still, according to the data, 27 percent of millennials who are currently renting homes in Durham can afford a home at that median price. While that is below the national average (40 percent) it’s still slightly better than the share of listings that a typical household can afford to buy in Durham (26 percent).

According to April 2020 employment data, employment declined by an average of nearly 13 percent in the largest 100 metro areas compared to last year. However, in Durham, it dropped less – only 11 percent from a year earlier.

The Top 10 markets listed had a smaller share of workers, on average, in industries most affected by the pandemic-induced economic lockdown. The average for the largest 100 markets in the U.S. is 21 percent for industries at high risk of coronavirus. Durham was below that average at 15 percent.

Another common factor among these markets is better-than-average inventory availability. For Durham, the number of active listings in April 2020 slipped by 12 percent from the same time a year earlier, according to realtor.com. However, inventory declined 18% on average in the largest 100 metro areas.

Three in 10 residents in the top 10 markets – 30 percent – are millennials. That’s higher than the average of the top 100 markets (26 percent). Durham has a similar share, with 31 percent of the market falling into the millennial demographic. With millennials making up the largest cohort of homebuyers, these areas are expected to see many of their millennial residents become homeowners.

Nationwide, the typical household can afford to buy 40% of the homes currently listed for sale compared to 34% a year earlier, according to the National Association of REALTORS® (NAR) Affordability Distribution Score, a collaboration between NAR and realtor.com.

The score measures the affordability of current for-sale homes overall, as well as at different income levels. In these top 10 markets, affordability increased more this year than it did nationwide. In Portland it increased by 17 percent, significantly better than the average of the top 100 metro areas (nine percent).

The median home price in Portland is $416,100, which is well above the average of the Top 100 markets ($288,455). According to the data, 24 percent of millennials who are currently renting homes in Portland can afford a home at that median price. Although that is noticeably below the national average (40 percent), It is higher than the share of listings in the market that a typical household can afford to buy (20 percent).

According to April 2020 employment data, employment declined by an average of nearly 13 percent in the largest 100 metro areas compared to last year. In Portland, it was slightly better, having dropped 12 percent from a year earlier.

The Top 10 markets listed had a smaller share of workers, on average, in industries most affected by the pandemic-induced economic lockdown. The average for the largest 100 markets in the U.S. is 21 percent for industries at high risk of coronavirus. Portland was slightly below that average at 19 percent.

Another common factor among these markets is better-than-average inventory availability. However, for Portland, the number of active listings in April 2020 dropped more precipitously than most of the Top-10 markets, falling 17 percent from the same time a year earlier, according to realtor.com. Yet, it was still better comparatively to the largest 100 metro areas as the national average for those saw inventory decline by 18 percent, on average.

Three in 10 residents in the top 10 markets – 30 percent – are millennials. That’s higher than the average of the top 100 markets (26 percent). While ahead of the national average, Portland does have a smaller share of millennials than its other Top-10 compatriots with just 27 percent of the market falling into the millennial demographic. With millennials making up the largest cohort of homebuyers, these areas are expected to see many of their millennial residents become homeowners.

Nationwide, the typical household can afford to buy 40% of the homes currently listed for sale compared to 34% a year earlier, according to the National Association of REALTORS® (NAR) Affordability Distribution Score [I would link to this, https://www.nar.realtor/research-and-statistics/housing-statistics/realtors-affordability-distribution-curve-and-score/methodology], a collaboration between NAR and REALTOR.com.

The score measures the affordability of current for-sale homes overall, as well as at different income levels. In these top 10 markets, affordability increased more this year than it did nationwide. In Austin it increased by 11 percent, which is better than the average of the top 100 metro areas (nine percent).

The median home price in Austin is $341,500, which is higher than the average of the Top 100 markets ($288,455). According to the data, 35 percent of millennials who are currently renting homes in Austin can afford a home at that median price. This is slightly below the national average of 40 percent, but better than it was in April 2019.

According to April 2020 employment data, employment declined by an average of nearly 13 percent in the largest 100 metro areas compared to last year. However, in Austin, it dropped only nine percent from a year earlier.

The Top 10 markets listed had a smaller share of workers, on average, in industries most affected by the pandemic-induced economic lockdown. The average for the largest 100 markets in the U.S. is 21 percent for industries at high risk of coronavirus. Austin was slightly below that average at 20 percent.

Another common factor among these markets is better-than-average inventory availability. For Austin, the number of active listings in April 2020 dipped 13 percent from April 2019, according to realtor.com. However, inventory declined 18% on average in the largest 100 metro areas.

Three in 10 residents in the top 10 markets – 30 percent – are millennials. That’s higher than the average of the top 100 markets (26 percent). Austin has an even greater share, with 35 percent of the market falling into the millennial demographic. With millennials making up the largest cohort of homebuyers, these areas are expected to see many of their millennial residents become homeowners.

Nationwide, the typical household can afford to buy 40% of the homes currently listed for sale compared to 34% a year earlier, according to the National Association of REALTORS® (NAR) Affordability Distribution Score, a collaboration between NAR and realtor.com.

The score measures the affordability of current for-sale homes overall, as well as at different income levels. In these top 10 markets, affordability increased more this year than it did nationwide. In Dallas it increased by 22 percent, well above the average of the top 100 metro areas (nine percent).

The median home price in Dallas is $269,700, which is lower than the average of the Top 100 markets ($288,455). According to the data, 44 percent of millennials who are currently renting homes in Dallas can afford a home at that median price. This is higher than the national average of 40 percent.

According to April 2020 employment data, employment declined by an average of nearly 13 percent in the largest 100 metro areas compared to last year. However, in Dallas, it dropped only eight percent from a year earlier.

The Top 10 markets listed had a smaller share of workers, on average, in industries most affected by the pandemic-induced economic lockdown. The average for the largest 100 markets in the U.S. is 21 percent for industries at high risk of coronavirus. Dallas matched the national average, also coming in at 21 percent.

Another common factor among these markets is better-than-average inventory availability. For Dallas, the number of active listings in April 2020 dipped just 11 percent from the same time in 2019, according to realtor.com. However, inventory declined 18% on average in the largest 100 metro areas.

Three in 10 residents in the top 10 markets – 30 percent – are millennials. That’s higher than the average of the top 100 markets (26 percent). Dallas has an even greater share, with 30 percent of the market falling into the millennial demographic. With millennials making up the largest cohort of homebuyers, these areas are expected to see many of their millennial residents become homeowners.

Nationwide, the typical household can afford to buy 40% of the homes currently listed for sale compared to 34% a year earlier, according to the National Association of REALTORS® (NAR) Affordability Distribution Score, a collaboration between NAR and realtor.com.

The score measures the affordability of current for-sale homes overall, as well as at different income levels. In these top 10 markets, affordability increased more this year than it did nationwide. In Houston it increased by 14 percent, which is better than the average of the top 100 metro areas (nine percent).

The median home price in Houston is $245,300, which is lower than the average of the Top 100 markets ($288,455). According to the data, 48 percent of millennials who are currently renting homes in Houston can afford a home at that median price. This is much better than the national average of 40 percent.

According to April 2020 employment data, employment declined by an average of nearly 13 percent in the largest 100 metro areas compared to last year. However, in Houston, it dropped only eight percent from a year earlier.

The Top 10 markets listed had a smaller share of workers, on average, in industries most affected by the pandemic-induced economic lockdown. The average for the largest 100 markets in the U.S. is 21 percent for industries at high risk of coronavirus. Houston was slightly below that average at 19 percent.

Another common factor among these markets is better-than-average inventory availability. For Houston, the number of active listings in April 2020 slipped by just five percent from the same time a year earlier, according to realtor.com. However, inventory declined 18% on average in the largest 100 metro areas.

Three in 10 residents in the top 10 markets – 30 percent – are millennials. That’s higher than the average of the top 100 markets (26 percent). Houston also had that same share, with 30 percent of the market falling into the millennial demographic. With millennials making up the largest cohort of homebuyers, these areas are expected to see many of their millennial residents become homeowners.

Nationwide, the typical household can afford to buy 40% of the homes currently listed for sale compared to 34% a year earlier, according to the National Association of REALTORS® (NAR) Affordability Distribution Score, a collaboration between NAR and realtor.com.

The score measures the affordability of current for-sale homes overall, as well as at different income levels. In these top 10 markets, affordability increased more this year than it did nationwide. In Salt Lake City it increased by 13 percent, better than the average of the top 100 metro areas (nine percent).

The median home price in Salt Lake City is $372,100, which is markedly above the average of the Top 100 markets ($288,455). According to the data, 23 percent of millennials who are currently renting homes in Salt Lake can afford a home at that median price. Although that is noticeably below the national average (40 percent), when combined with other factors, it still rates out that Salt Lake City is a top destination for millennials to buy a home in the time of a pandemic.

That’s because according to April 2020 employment data, employment declined by an average of nearly 13 percent in the largest 100 metro areas compared to last year. Salt Lake City was one of the least affected major metros, having dropped just eight percent from a year earlier.

The Top 10 markets listed had a smaller share of workers, on average, in industries most affected by the pandemic-induced economic lockdown. The average for the largest 100 markets in the U.S. is 21 percent for industries at high risk of coronavirus. Salt Lake City was below that average also, coming in at 19 percent.

Another common factor among these markets is better-than-average inventory availability. In Salt Lake City, the number of active listings in April 2020 dropped nine percent from the same time a year earlier, according to realtor.com. Yet, it was still much better comparatively to the largest 100 metro areas as the national average for those saw inventory decline by 18 percent, on average.

Three in 10 residents in the top 10 markets – 30 percent – are millennials. That’s higher than the average of the top 100 markets (26 percent). Salt Lake City has an even higher share of millennials than its other Top-10 compatriots with 32 percent of the market falling into the millennial demographic. With millennials making up the largest cohort of homebuyers, these areas are expected to see many of their millennial residents become homeowners.