Austin most affordable city for millennial homebuyers

Windsor Genova – Fourth Estate Cooperative Contributor

Chicago, IL, United States (4E) – Austin, Texas is the best city for millennial homebuyers as it has the most affordable homes and strong job growth prospects, according to the National Association of Realtors (NAR).

n the NAR’s latest top 10 ranking, Austin is No. 1 for its median home price of $226,000 and 4.2 percent job growth. Millennial homebuyers will also feel at home in the city where many under 35 people are moving every day.

The famous SXWS (South by Southwest) cultural festival in the city is not the only reason why it is attracting young homebuyers. Big tech companies such as Apple, Google, Facebook and Intel are growing their operations in the city while other startups are emerging ensuring plenty of jobs.

In NAR’s July report, Austin also ranked No. 1 in the list of cities where increases in home-buying from the millennial generation are expected in upcoming years.

Following Austin in the latest NAR ranking is Grand Rapids, Michigan, which placed No. 5 in NAR’s July report.

The median home price in Grand Rapids is $123,000 with the same job growth rate as Austin.

Other cities in the ranking are Dallas, Texas; Des Moines, Iowa; Ogden, Utah; Denver, Colorado; Seattle, Washington; New Orleans, Louisiana; Salt Lake City, Utah; and Minneapolis, Minnesota.

Outside the top 10 cities for millennials are Madison, Wisconsin; Nashville, Tennessee; Omaha, Nebraska; Raleigh, North Carolina; and Washington, D.C.

NAR arrived at its ranking by analyzing 100 metro areas that have a large millennial presence, solid local job market conditions and strong migration patterns of young adults moving to that particular area to determine the best purchase prospects for young buyers. Housing affordability and inventory availability were also considered.

For other options, millennials can consider the top 15 metro areas where it is most affordable to buy a home and rent and most attractive to young people based on the ranking of RealtyTrac, a real estate information company and an online marketplace for foreclosed and defaulted properties in the U.S. In order from No. 1, the metro areas where millennials can buy the most affordable home are Augusta-Richmond in Georgia, Fayetteville in North Carolina, Atlanta-Sandy Springs in Georgia, Jacksonville in Florida, Philadelphia-Cambridge, Baltimore-Towson in Maryland, Little Rock-North Little Rock in Arkansas, Columbus in Ohio, Omaha-Council Bluffs in Nebraska, Milwaukee-Waukesha in Wisconsin, Lincoln in Nebraska, Nashville-Davidson in Tennessee, Clarksville in Tennessee-Kentucky, Greenville in North Carolina, and Washington-Arlington in Maryland.

Millenians looking for their first homes can also search on Nestbuilder.com, one of the top property listings destination used by thousands of licensed real estate agents.

Developed by Florida-based digital media company RealBiz Media Group, Inc. (OTCQB: RBIZ), Nestbuilder.com shows 1.6 million video listings from more than 350,000 agents. Each individual listing page features a virtual tour of the property with audio commentaries, an overview of the property and a map to pinpoint the property’s exact location.

The page also has social media integration functionalities allowing agents and consumers to save the page for reading later or for friends and people within their network to see the listing on Facebook, Twitter, Pinterest and Google Plus.

RealBiz has access to the nation’s largest real estate companies. The company is targeting distribution of its digital video network to more than 70 million households.

Nestbuilder.com subscription queries can be coursed through toll free number 1.888.REAL.BIZ (888.732.5249) or at support@rbm.zendesk.com.

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