The demographic cohort called millennials recently entered the adulthood. The members of this generation are people who were born between 1981 – 2001. This population is also known by a few different names: “Generation Y,” “Echo boomers,” and “Generation Me.” Various studies have shown that millennials are more likely to stay at home and live with their parents until their mid-thirties. There is not a simple explanation for their lifestyle. This generation is technology native, loyal, professional, and modest. On the other hand, they are recognized as narcissists who will subvert all established rules in order to gain freedom for themselves.
So where do they choose to live?
The question arose: Where do the millennials choose to live after they find a job and leave their parents’ house? Since they are tech savvy, the first guess must be: “Silicon Valley, California.” Guess again. “Well, they are narcissists, so they must have a great urge to perform in front of other people. They buy houses and live in Hollywood and surrounding areas.” Nope, not even close. But that is enough guessing. Millennials are not interested in shiny places packed with money and opportunities for success. Most of them would not even buy a house. They would prefer to rent it and move when it becomes boring. The majority of the generation will avoid both coasts, since the prices are too high, and they like to spend their money on different stuff. If they have to choose, they will buy houses in the middle of the United States.
The State of Choice: Utah
Forget about New York City, San Francisco, and Seattle. The state of choice is Utah, and especially Utah County, which is the second most populated area:
- The main reason why millennials prefer to buy their homes in Utah is the affordable home prices. They are paying for property with a price around the national average, which is $230,000.
- The second reason is an increase in job opportunities–especially jobs in the transportation, trade, and utilities sectors. The millennials make their home-buying decisions based on affordability and income, and the ratio between those is giving them a chance to negotiate good conditions when it comes to paying the mortgage.
- Another reason why most members of Generation Y are buying houses in Utah is the fact that this state has the youngest population in the United States, with a median age of 30 years old. They obviously like to be surrounded by coevals.
Other places that are popular among millennials are Denver CO, Kent MI, Weber UT, Polk IA, Weld CO, and Linn IA.
Places unattractive to millennials
The other side of the coin can show us which places are likely to be unattractive to millennials. Those are expensive east and west coast cities: Marin CA, Westchester NY, Honolulu HI, Barnstable MA, and Santa Cruz CA. The reason for this is the sudden technological boom which took place over the last several years, and the consequence was a rise in real estate prices up to $970,000, which is a 6.7% increase from the previous year.
We have learned that millennials are not easy on money, regardless of their good salaries. They appear to be brilliant and practical, ready to make a sacrifice here and there. The way they choose their homes is a great indicator of their morals, which are not corrupted by opportunism and city lights. Millennials can be the next step in societal evolution by bringing their new values and improving the economies of other, maybe forgotten parts of the country, instead of those that are already overpopulated and oversaturated.
Eric Lawrence Frazier, MBA
President and CEO
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Eric Lawrence Frazier, MBA
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