Athens, Ohio.
That location is the number-one place where older Millennials (24-34) are purchasing houses, reports Ellie Mae. The other top 9 are also based in the midwest. Along with OH, the Dakotas have become popular.
The real estate industry better pay attention. Here is the detailed coverage in USA Today.
The reasons why youth purchasing of houses has shifted from the coasts are obvious.
What group just entering the middle class can afford to even rent in Westport, Connecticut or San Francisco, California? If they can even pull that off, they are left with little for a down payment.
Also, consider the property taxes on the coasts versus inland. A communications colleague with a modest house in CT ponies up $21,000 annually. Plus, there is property tax on every one of the cars in his household.
In short, money goes further in the midwest. Millennials have only known hard times. They are innately savvy about personal finance. No surprise then that they are zeroing in on the bargains to be had in the midwest.
Glam careers and some tech ones might require being based on the coasts. But many others can be played out in what used to be referred crudely as "flyover country."
In September 2016, I re-started my career in Austintown, OH. Rent is under $700. There was no inspection to register my car.
In addition to telecommuting for business, I have easy access to both the Cleveland, OH and the Pittsburgh, Pennsylvania markets. Each is about a 80-minute drive and there are routes without pricey tolls.
I have no regrets about exiting the New York Metro area. Last November I returned for a social event. The tolls and parking fees, in themselves, were budget-killers.
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