Millennials Are Moving To 5 Surprising States for Affordable Housing
Written by
Caitlyn Moorhead
Edited by
Amen Oyiboke
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Nothing screams “millennial-mentality” quite like packing up your bags, putting them in a moving truck and starting over somewhere new. But moving can come with a hefty price tag, especially when crossing state lines.
So, where are the frugal and savvy millennial home hunters moving to? GOBankingRates spoke to several real estate professionals to learn more about the surprising states where millennials are willing to relocate.
Nevada
Nevada may come to your mind first for a great place to visit on vacation, but it may not be on your list of places to move. However, with cities like Reno growing in popularity over the last few years, it may be a big time to make a little move. The median age for Reno is 40 and the median home price is around $466,620.
Outside of the Biggest Little City, Michael Vestuto is a real estate agent at Vestuto Realty Group in Las Vegas. According to Vestuto, millennials, particularly those moving out of California, are choosing to move to Vegas primarily for housing affordability.
Affordable housing aside, however, millennials also want to live in cities that offer job opportunities and future growth. Over the last year, Las Vegas has shown that the city has opportunities in spades, with exciting openings of new music and entertainment venues like the Sphere and the return of the Formula 1 Las Vegas Grand Prix sporting event.
“The movie industry, tech companies and sports entertainment are making huge investments in the city,” said Vestuto. “There are billions of dollars being poured into Las Vegas which equates to job opportunities.”
Tennessee
Though Tennessee has a good mix of metropolitan areas and small-town coziness, Nashville has been a hot spot for millennial movers for almost a decade. Keep in mind that affordable housing prices are rising as people flock to the Music City, but it remains a popular choice.
Nashville-based real estate agent Michael Oliveira told GOBankingRates he has personally seen a dramatic shift in the median ages of his clients. Previously, the average age of his clientele was 65. Now, the average age is 35.
“The greater Nashville market is booming with millennials,” said Oliveira. “I think the attraction is the low cost of living, low taxes, affordable housing and great entertainment including food and shopping.”
Nashville isn’t the only Tennessee city which is popular for millennials on the move. Oliveira said millennials are also house hunting in hot cities like Franklin, Spring Hill Murfreesboro and Hendersonville.
Texas
Artistic and quirky millennials are flocking to Texas to help “Keep Austin Weird,” so much that the median age in the city is 36. It has more affordable housing than other big Texan cities like Dallas or Houston, and the median home price is $487,981. It’s a thriving scene for musicians and young tech professionals alike.
On the millennial tour through Texas, the city of Brownsville has been on the radar for a while thanks to its affordable home prices and cost of living. The median home price is only $112,823 and the city skews younger as the median age is 32.
Georgia
Kurt Carlton, co-founder and president of New Western, recommended that millennials interested in affordable housing explore sunbelt states like Georgia.
Carlton said a city like Atlanta attracts both millennials and Fortune 500 companies across various industries. This helps drive job growth and adds to the state’s strong economy.
“Georgia is a good place to consider buying a home or property, especially if you’re looking for a long-term investment,” said Carlton. “This state is expected to experience strong economic growth and population growth in the coming years.”
Ohio
Suzanne Miller, founder, president and CEO of Empire State Properties, said states with several small to mid-size cities are becoming attractive to millennials, particularly those who need to be in an office work setting four to five days a week.
Millennials moving to Ohio have several attractive small-city options to choose from including Cleveland, Akron and Cincinnati.
Heather Taylor contributed to the reporting for this article.
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