Popular Cities for Millennial Homebuyers

Popular Cities for Millennial Homebuyers

Mortgage interest rates are falling with the speed of light. Basically, it happens due to the consequences of COVID-19. The global lockdown is not over yet, so millennials have a unique opportunity to purchase property for affordable prices until 2022-23. Many sources that analyze the real estate market admit that the current interest rate is only three percent.

For those who would like to stay on their premises for a minimum of 5 years, it’s a perfect time to invest their money in property. Sure, some millennials may say that they would rather invest their money in start-ups like software development companies, eCommerce stores, beauty salons, writing services, legal consulting, etc. Anyway, buying a property might be a smarter investment in some cases.

If COVID-19 remains, or there is a new wave about to come, shutdowns would be imminent. The supply will keep on falling short of demand. That is primarily because of the shelter-in-place orders procrastination.

Many building companies cannot continue their work while there is a global lockdown, which brings the need for social distancing. Unlike office workers, laborers cannot work remotely. Thus, if you buy a house for cheap, it does not mean you can expect to see the results shortly. It might take a while for the construction company to complete the project. That is the basic pitfall. However, millennials who still decide to purchase property now can benefit from tightened inventory in the upcoming period.

On the whole, we want to remind you that unemployment rates are decreasing as life comes back to normal. However, the construction industry won’t accept “the new normal” too much as it’s almost impossible to stick to the social distancing rules when being involved in this industry.

If you are interested in purchasing property in 2021-22, contact a real estate agency to avoid falling face down in the dirt. The market is rather unstable now, and only a professional can provide you with practical advice and help avoid difficulties once the pandemic is totally over. Just discuss your budget, preferred areas, types of housing, and general expectations with experts before you pay for anything.

Boise, Idaho

This American city is one of the top long-term investments. The local prices per property unit are soaring even though the COVID-19 pandemic is not fully over yet. During thirty years, the local real estate agents fixed among the lowest mortgage rates. The appreciation rate is roughly 2.44 percent. Add a rather tight inventory, the low cost of launching a startup, and speedy population expansion, and you’ll get enough reasons to buy property here.

Houston, Texas

The US homeland for significant oil and gas reserves welcomes every millennial with the desire to buy a home. It is the 5th greatest subway area. Fortune 1000 called Houston the top concentrated city. On average, it will cost you $412,000 to buy a house in this region. The housing stocks here move fast. You also get a 12-month home warranty.

Atlanta, Georgia

This city is more for savvy millennial investors. Otherwise, you may need to hire an agent. The local population has increased by more than 14% in the past ten years. Stable population expansion, high employment rates, and the fact that Atlanta is one of the economic centers in the US make this city attractive. The diverse community and variety of vacancies also make millennials purchase property now to wait until the prices go up in 2022-23 to rent or sell for more.

Guest article written & submitted by writer, Jane Travis.