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DD Web • July 31, 2017
Millennial Appeal: Which Real Estate Markets Have ‘It?’
For the fourth consecutive year, millennials are the largest group of homebuyers in the United States, according to the National Association of Realtors 2017 Home Buyers and Sellers Generational Trends Report. Nearly 40% of home buyers are currently under 36 years old, and that number (and their hunger for home ownership) is growing. By 2025 millennials will make up 75% of the world’s working population and will have an impressive amount of collective purchasing power.
Across the country, real estate markets are much healthier than they have been in years, and property values are hitting new highs. Some places, however, have not only recovered better than others but are poised for continued growth with millennial homeownership– including Salt Lake City. In fact, it topped the list of the 10 U.S. cities millennials want to live (*high five* *fist bump* *secret handshake*).
We’re not surprised — but what, exactly, makes a real estate market a millennial magnet? Let’s take a closer look at what’s piquing their interest.
Millennials want homes over 2,375 sq. ft. (on average) and nearly half surveyed in the March 2016 National Association of Home Builders study said they wanted at least four bedrooms, an outdoor space, shower and tub in the master bath and hardwood floors on the main level of the home.
49% percent of millennial buyers had at least one child, also according to the report (up 6% from two years ago) and are purchasing homes with their partners.
Though marriage rates have declined, the number of U.S. adults in cohabiting relationships reached nearly 18 million last year, up 29% since 2007. About half of those cohabiters are younger than 35 with dual incomes that support home ownership.
55% of millennials are enthusiastic about home ownership as an investment, and over half would invest in property other than their primary residence.
Economic growth and relative affordability make these markets really attractive to first-time home buyers. Of all the markets on the list, Salt Lake City had the lowest unemployment rate at 2.9%, well below the national unemployment rate of 4.7%.
High job growth and the power of affordability make these markets attractive to millennials. A burgeoning tech scene that lures young people to companies, Salt Lake and neighboring cities is a high tech mecca known as ‘Silicon Slopes’ with homes at one-third of Silicon Valley prices.
We’ve always known Salt Lake City was an ‘it’ real estate market — and its appeal is only gaining speed. If millennials are checking out your city, pay attention! Some must-haves on their list often include short commutes, outdoor amenities, cultural centers, a good food scene and something fun to do on a Friday night…but most importantly, upward mobility and a secure financial future. Not too much to ask, right?
At Novation Title, we take immense pride in being recognized on the 2024 Top Latino-Owned Business List ! As a Latino-owned company, we are passionate about empowering our community through homeownership—one of the fastest ways for Latinos to build generational wealth in America. Why Hispanic Homeownership Matters Homeownership is more than just buying property; it's about creating stability, financial security, and opportunities for future generations. We believe in providing the resources and education needed to help our Latino community navigate the path to homeownership with confidence. Educating & Supporting Latino Homebuyers Our team uses key insights from the NAHREP (National Association of Hispanic Real Estate Professionals) reports to share real data on Latino homeownership growth and opportunities. We know that numbers don’t lie , and we want to ensure that every aspiring homeowner and entrepreneur has access to the right information. Advice for Latino Entrepreneurs For those looking to start a business in the title and real estate industry, our advice is simple: educate yourself and lean on data. By understanding the numbers and trends, you can position yourself for long-term success. Thank you to our community and partners for trusting Novation Title. Together, we continue to break barriers and build wealth through homeownership!
At Novation Title, we take immense pride in being recognized on the 2024 Top Latino-Owned Business List ! As a Latino-owned company, we are passionate about empowering our community through homeownership—one of the fastest ways for Latinos to build generational wealth in America. Why Hispanic Homeownership Matters Homeownership is more than just buying property; it's about creating stability, financial security, and opportunities for future generations. We believe in providing the resources and education needed to help our Latino community navigate the path to homeownership with confidence. Educating & Supporting Latino Homebuyers Our team uses key insights from the NAHREP (National Association of Hispanic Real Estate Professionals) reports to share real data on Latino homeownership growth and opportunities. We know that numbers don’t lie , and we want to ensure that every aspiring homeowner and entrepreneur has access to the right information. Advice for Latino Entrepreneurs For those looking to start a business in the title and real estate industry, our advice is simple: educate yourself and lean on data. By understanding the numbers and trends, you can position yourself for long-term success. Thank you to our community and partners for trusting Novation Title. Together, we continue to break barriers and build wealth through homeownership!
Welcome, 2020! We made it through the first week of the New Year and are already excited for what’s to come in this brand new decade. Anything can happen, and we have so much to create! Whether you’re a fan of long-term resolutions or prefer setting smaller, short-term goals, it feels good to start the year off with a desire to change for the better. If you know us, you know our approach at Novation Title has always been goal-centric, not only within our business but in our personal lives and out in the community. In today’s world where we are constantly connected (and distracted), it’s no wonder that we increasingly find ourselves overwhelmed mentally and physically drained. Often, the issues in everyday life are the ones that prevent us from enjoying the very same everyday life! How can we balance this out? We believe we can do better. That is why we are introducing meditation into our workspace. While meditation has been practiced for over 5,000 years, it is increasingly becoming a necessary way for us to unplug from the modern world. But what, exactly, is it? Meditation is a practice where an individual uses a technique — such as mindfulness — to train attention and thoughts. Mindfulness is awareness, it is a state of peace. It is being in the present moment, intentional and serene. It is the process of being aware of your thoughts while also disconnecting from them so you can connect within. Connecting within is the highest form of intelligence and results in proven mental, emotional and spiritual health benefits. Here are just a few science-based benefits of meditation: Reduces blood pressure Increases serotonin production that improves mood and behavior Improves immune system Increase in energy levels Lessens stress and anxiety Increases happiness and creativity Clarity and peace of mind Increased memory retention and recall Enhances self-awareness and self-acceptance Each one of us, regardless of gender, age or other factors, undergo daily stress and tension at some level or the other. That’s why we’re so excited to introduce #NovationMeditation into our business and we encourage others to join us this year. We can ALL benefit from improved mental and physical health in 2020. Who’s with us?!
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