Rising home costs forcing millennials out

Updated:

SEATTLE - A new report out Wednesday shows millennials now make up almost half of all homebuyers in the country and many are choosing to buy in the suburbs over the city.

But when it comes to millennials in the Puget Sound, cost is a huge factor in making that decision to purchase their first property.

Now, more people aged 18 to 34 are searching for sale signs in neighborhoods.

According to a new report by Zillow:

  • Analysts say millennials make up 42 percent of homebuyers last year - most of them buying for the first time.
  • The median age of these homebuyers is 33 years old.
  • About 50 percent of them are choosing properties in the suburbs, compared to 33 percent in the city.
  • 64 percent of them stayed in the same city where they are already living.

 

Some of the top concerns for millennials in the Puget Sound region are:

  • 92 percent said cost of living
  • 87 percent said state of the environment
  • 69 percent said homelessness
  • 37 percent were most concerned about crime
 
For potential millennial homebuyers, here are the top things they are looking for:
 
  • Easy access to parks.
  • Proximity to quality public schools
  • A short commute to work or school.

 

 

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