Millennials are starting to have a notable presence as homebuyers in the real estate market nationwide. With steady jobs and savings in the bank, they are seeking out affordable housing in locales offering desirable lifestyles. Historically low mortgage rates coupled with increasing rental rates and decreasing available supply of rentals are pushing more millennials to take the plunge into homeownership. HOUSINGWIRE recently reported on a list compiled by the National Association of Realtors of the top 10 metro locales that are ideal for young first-time homebuyers. They assessed a variety of factors, taking into account employment options and income levels, population trends and the real estate market in the largest 100 metropolitan statistical areas in the US. Charleston has been making a bevy of “best of” lists lately… best tourist town, best retirement location, and now they can add “best city for young millennials” to the list.
Charleston was identified as having an above-average existing population of millennials and recently relocated millennials, desirable employment options and a relatively low income requirement in order to qualify for a home mortgage. “For those currently living in or looking to move to a more affordable part of the country, there are metro areas right now with solid job growth and that offer a smoother path to homeownership,” said Lawrence Yun, NAR chief economist. “An overwhelming majority of young renters recently said they eventually want to buy a home,” adds Yun. “As long as new and existing-home supply keeps up to meet demand and holds prices from rising too quickly, these identified areas are poised to lead the way in helping millennials realize their American Dream of becoming a homeowner.”
Charleston rates second in the nation for millennial buyers, coming in behind Austin, Texas. The Holy City boasts a 24.5% share of millennial movers. The average qualifying income to buy a home is $41,360 and the median household income is $47,903. With the diversity of housing options that Charleston offers, this shouldn’t come as a huge surprise. Millennials relocating to Charleston have a variety of popular locations in the metro area to choose from, all of which provide easy commutes to some of the region’s largest employers. Mount Pleasant, Moncks Corner, Summerville and West Ashley alone offer a wide array of housing styles and price points, with purchase prices starting as low as $110K for a new construction home! Are you a millennial thinking about making the move? Use The Guide’s handy search features to help identify a location and price point that will be a good fit for you. You’ll be able to compile a short-list of appealing neighborhood options within minutes. This will leave you more time to explore the other great opportunities that Charleston offers… a rapidly growing economic market, stunning beaches and award-winning restaurants, just to name a few!
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