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Hot housing markets: 10 cities where Millennials are buying homes

Paul Ausick  |  24/7 Wall Street

When the time comes for the Millennial generation to buy a home, their top consideration is not amenities like nightlife but affordability. Duh. After all, having sufficient income to buy in San Francisco or New York is out of range for most potential homebuyers between the ages of 22 and 36.

So, where are they going? To answer that question, researchers at Realtor.com calculated the share of Millennials who bought homes over the past year in the country's 200 largest housing markets.

Unsurprisingly, none of the top 10 cities is among the most expensive cities in the United States. Roger Ma, a real-estate agent and owner of Life Laid Out, commented:

At the end of the day, it comes down to what they can afford. They might have started their careers in very expensive metros areas like [Washington] DC or San Francisco. But as they age, they often want to settle down and look for a home in a reasonably priced location.

Here are the 10 cities that are attracting the most Millennial buyers along with the median listing price and the percentage of mortgages issued to Millennials.

1. Appleton, Wisconsin

  • Median listing price: $150,000
  • Percentage of millennial buyers: 57.0%

2. Des Moines, Iowa

  • Median listing price: $294,000
  • Percentage of millennial buyers: 56.9%

3. Utica, New York

  • Median listing price: $139,500
  • Percentage of millennial buyers: 56.8%

4. Provo, Utah

  • Median listing price: $376,700
  • Percentage of millennial buyers: 56.5%

5. Duluth, Minnesota

  • Median listing price: $175,000
  • Percentage of millennial buyers: 56.3%

6. Lafayette, Louisiana

  • Median listing price: $210,100
  • Percentage of millennial buyers: 56.3%

7. Lancaster, Pennsylvania

  • Median listing price: $275,000
  • Percentage of millennial buyers: 56.0%

8. Kalamazoo, Michigan

  • Median listing price: $245,100
  • Percentage of millennial buyers: 55.5%

9. Lincoln, Nebraska

  • Median listing price: $313,800
  • Percentage of millennial buyers: 55.4%

10. Evansville, Indiana

  • Median listing price: $170,800
  • Percentage of millennial buyers: 55.2%

Visit the Realtor.com website for more information and details on these popular cities.

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