Most Affordable Cities For Millennials To Buy A Home In 2020


Most Affordable Cities For Millennials To Buy A Home In 2020

Contrary to popular belief millennials have been buying homes. Unlike the generations before, millennials are picky when it comes to homeownership. The new generation often prefers to bike around and usually loves a good farmers' market. Many millennials also prefer areas with large tech companies and at least one small corner coffee shop. 

We have taken into consideration all the preferences that the average millennial homeowner has and created a list of target cities tailored to millennials. Below you will find details about 10 of the most affordable cities for millennials to buy a home
 
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1. Madison, Wisconsin 

Madison, Wisconsin is the perfect place for millennials looking to get started on their career path. Madison is a small city that offers plenty of employment opportunities as well fun adventures. Many millennials enjoy being able to ride their bikes as a means of commute. For aspiring entrepreneurs, Madison is also perfect for starting a business.  With the ideal mix of culture and positive energy for an active lifestyle brand, Madison was an easy addition to our list. 

Metro population: 654,230
Median hourly wage: $18.46 
Median home value:
$256,600

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2. Seattle, Washington

Many millennials are drawn to Seattle for its growing tech sector. With a booming job market and higher minimum wage, people are content with the higher than average cost of housing in this area. Outdoor enthusiasts are also drawn to Seattle because its nestled between both water and mountains. The area is bike, pedestrian, and transit friendly.

Metro population: 3,939,363 
Median hourly wage: $22.20
Median home value: $687,500

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3. Rochester, New York

Millennials are actually moving away from big cities such as New York City and into small cities with more trees and less concrete. Rochester is perfect for millennials seeking high quality schools, a clean environment, great jobs and a little less hustle and bustle. 

Metro population: 1,079,697
Median hourly wage: $18.86
Median home value: $146,600

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4. Orlando, Florida

Millennials love amusement parks too. Many young people are moving to Orlando, Florida not just for the parks but for numerous job opportunities available to them. The salaries are not as competitive but millennials love the freedom to bike around in spaces with great coffee shops and open air. Orlando is also a very affordable city for millennials to buy a home.

Metro population: 2,509,454 
Median hourly wage: $16.33
Median home value: $243,900
 
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5. Austin, Texas

Austin is not known for its affordable housing cost. Living in Austin is more expensive than living in other metro areas in Texas, but the Austin night-life is lit. The area also has numerous parks and outdoor activities for people to explore.

Metro Population: 2,168,316
Median hourly wage: $18.33
Median home value: $381,500
 
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6. Houston, Texas

Houston may not be quite as fun as Austin, however, affordability is off the charts. The job market is growing and offers plenty of opportunities to millennials looking to start their careers. The area is also extremely affordable both for housing and the cost of living.

Metro Population: 6,997,384
Median hourly wage: $18.36
Median home value: $189,900

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7. Des Moines, Iowa

Des Moines, Iowa has been making its way to becoming the best city in America. Millennials have been moving to Des Moines because of the coffee shops, restaurants, and music spots that have been popping up all over town. The rise of entrepreneurship allows many young people to able to join a fast-paced startup but still enjoy a laid back lifestyle. 

Metro Population: 569,632
Median hourly wage: $19.69
Median home value: $188,800
 
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8. Dayton, Ohio

Many young professionals enjoy living in Dayton, Ohio. The area is filled with young talent and has a very supportive atmosphere. Living costs are affordable and with the strong local economy, many young people gravitate to Dayton. 

Metro Population: 799,268
Median hourly wage: $18.28 
Median home value: $124,100
 
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9. Nashville, Tennessee 

Nashville is one of the most affordable cities to buy a home. The area is perfect for young musicians or music enthusiasts. The art and entertainment scene within this area is definitely a step above the rest. 

Metro Population: 1,930,961
Median hourly wage: $17.76
Median home value: $264,200
 
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10. Washington, D.C.

Not the most affordable city, but many millennials move to Washington because of its robust job market. This area is perfect for new graduates and young professionals. The area is very diverse and has a lot of social amenities such as food venues, museums, and parks.

Metro Population: 6,216,589
Median hourly wage: $22.06
Median home value: $567,900

Millennials are the first generation to value experiences over property. However, the home you choose still has a large impact on your future experiences, so give it some extra thought. As the largest homebuyer in the market today, millennials - you rock!

At your service,
Young Alfred