Survey: Millennials are increasingly buying homes in the suburbs
Millennials are buying more homes in the suburbs, according to a survey released this week by the National Association of Realtors.
“Young millennials are at that age where they’re starting to pair off and raise families,” said Larry Feiner, branch manager for HomeSmart in Arrowhead.
The survey shows a 4 percent decrease in urban and central city areas.
Most home-buyers around 30 years old are dealing with certain options, he said.
“You know, a family of young professionals that are maybe making $50,000 to $60,000 a year aren’t going to be able to afford a nice $400,000 house in Arcadia,” Feiner said. “They’ll be able to afford a nice $250,000 house in Glendale or Surprise.”
Millennials are also outpacing baby boomers in new home purchases.
“I think that the baby boomers recently lived through the recession that we experienced in the mid and late 2000’s,” Feiner said. “They’re probably closer to paying off their mortgages if they haven’t already, and they’re more comfortable staying where they are than taking what they perceive as a risk in their minds.”