Millennials Are Moving To 4 Surprising States for Affordable Housing
Moving, for some millennials, is the only way to find an affordable housing market. In a November 23 GOBankingRates survey polling 1,039 respondents, 32% of respondents between the ages of 25 to 44 said they relocated to a different state within the last two years to find more affordable housing.
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A whopping 77% of respondents between the ages of 25 to 44 do not consider states like Arizona, Florida, North Carolina or Texas to have the kind of affordable housing which necessitates relocation.
If not these four states, then where exactly are millennials moving? GOBankingRates spoke to several real estate professionals to learn more about the four other surprising states where millennials are willing to relocate.
Nevada
There’s one Nevada city commanding the attention of movers, millennials or otherwise, and it’s Las Vegas. Redfin recently ranked Las Vegas in second place as the most popular destination for homebuyers looking to relocate in 2023 while H&R Block’s Outlook on American Life 2023 report put Las Vegas in second place as the top five destinations for out-of-state arrivals.
Michael Vestuto is a real estate agent at Vestuto Realty Group in Las Vegas. According to Vestuto, millennials, particularly those moving out of California, are choosing to move to Vegas primarily for housing affordability.
Affordable housing aside, however, millennials also want to live in cities which offer job opportunities and future growth. Over the last year, Las Vegas has shown the city has opportunities in spades with exciting openings of new music and entertainment venues like the Sphere and the return of the Formula 1 Las Vegas Grand Prix sporting event.
“The movie industry, tech companies and sports entertainment are making huge investments in the city,” said Vestuto. “There are billions of dollars being poured into Las Vegas which equates to job opportunities.”
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Tennessee
For the first time since 2021, Nashville not only made it onto Redfin’s list of top migration destinations but ranked in the number one place. The same Redfin article noted that while many people are moving to Nashville in search of housing affordability, they’re also relocating for work purposes.
Nashville-based real estate agent Michael Oliveira told GOBankingRates he has personally seen a dramatic shift in the median ages of his clients. Previously, the average age of his clientele was 65. Now, the average age is 35.
“The greater Nashville market is booming with millennials,” said Oliveira. “I think the attraction is the low cost of living, low taxes, affordable housing and great entertainment including food and shopping.”
Nashville isn’t the only Tennessee city which is popular for millennials on the move. Oliveira said millennials are also house hunting in hot cities like Franklin, Spring Hill Murfreesboro and Hendersonville.
Georgia
In a 2023 study about where millennials are moving conducted by SmartAsset, two Georgia cities were mentioned among the top 20 cities for millennials. These cities are Sandy Springs and Savannah, ranking in tenth and eleventh place respectively. According to SmartAsset, 11,210 millennials moved to Sandy Springs while Savannah saw 15,303 new millennial arrivals in 2023.
Meanwhile, Atlanta might have ranked in 44th place but the city welcomed 41,482 new millennial residents in 2023.
Millennials interested in moving to a state where they’re able to find more affordable housing are recommended by Kurt Carlton, co-founder and president of New Western, to explore sunbelt states like Georgia. Carlton said a city like Atlanta attracts both millennials and Fortune 500 companies across various industries. This helps drive job growth and adds to the state’s strong economy.
“Georgia is a good place to consider buying a home or property, especially if you’re looking for a long-term investment,” said Carlton. “This state is expected to experience strong economic growth and population growth in the coming years.”
Ohio
Suzanne Miller, founder, president and CEO of Empire State Properties, said states with several small to mid-size cities are becoming attractive to millennials particularly those who need to be in an office work setting four to five days a week. Millennials moving to Ohio have several attractive small city options to choose from including Cleveland, Akron and Cincinnati.
Just how many millennials moved to these Ohio cities this year? Findings from SmartAsset reveal 10,370 millennials moved to Akron, 21,984 millennials relocated to Cincinnati and 25,857 millennials were welcomed in Cleveland.
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This article originally appeared on GOBankingRates.com: Millennials Are Moving To 4 Surprising States for Affordable Housing
