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Millennials play a key role in the real estate market, and there’s often much debate about what this demographic wants when it comes to housing. There’s the question of renting vs. buying, changing priorities, and different reasons that some cities are more appealing than others. So, how does St. Louis fit into the millennial homebuyer’s plan?
What do Millennials Want?
Millennials are an interesting demographic in the housing market. With so many conflicting stereotypes out there, it can be challenging to understand exactly what this group is looking for.
The American Dream
A recent survey by Clever Real Estate, a St. Louis-based referral service for real estate agents, shed some light on this sometimes-elusive demographic. In a survey of 1,000 homebuyers, they found that 84% of millennials still believe that homeownership is a central part of the American dream. Though this demographic is sometimes pegged as unlikely to settle down and purchase a home, the findings suggested that that stereotype may not hold true.
The survey also challenged common stereotypes about what millennials value when it comes to where they live. While some might expect proximity to work or nightlife to top their lists, neighborhood safety and quality of local schools were the top findings in this study.
Why St. Louis?
While homeownership is a priority for many millennials, affordability is still often a concern. Knowing that millennials are interested in buying home and understanding the factors that are most important to them, it makes sense that St. Louis a prime location for millennial buyers.
Many millennials are relocating to St. Louis for work. With companies like Boeing and Mastercard opening up offices, the city is seeing significant employment growth. This is a great sign for potential homebuyers considering making their purchase in the area.
In a recent survey conducted by Redfin, St. Louis ranked number one in a list of America’s most affordable cities. About 88% of homes in St. Louis are affordable on a median income, which sits at $68,805. With finances being a top concern of many millennial buyers, the realistic prices in this city make it an appealing choice.
With the majority of millennials showing a desire to be homeowners and St. Louis standing out with increased job opportunities and affordable homes, it looks like millennials may become even more active in the St. Louis real estate market. Do you think St. Louis is a good choice for millennials? Share your thoughts!