Huntsville among top cities for Millennial homebuyers
Topics: Residential Real Estate
Markets: Huntsville-Madison County
With growing student debt, high rent payments and even higher home prices in some areas, some Millennials have hesitant when looking to purchase their first homes.
However, some Millennials are taking the plunge and buying the home of their dreams in cities scattered across the U.S.
SmartAsset, a personal finance technology company, gathered data and compiled a list of the Top 25 cities in the U.S. where Millennials are choosing to be homeowners as opposed to renting.
Huntsville rounded out the list at No. 25.
Huntsville had previously appeared higher on the list (No. 16) during 2016.
Click here to check out the Alabama Center for Real Estate's Huntsville market snapshot
So what exactly is it about Huntsville that has drawn Millennials to settle down within these city lines?
“We have smart people in Huntsville,” said Shauna Wesson, managing broker at RealtySouth. “They usually move back [after college] and they have degrees, and they are finally sound and stable.”
According to the Huntsville/Madison County Conventions & Visitors Bureau, there are many things within the city to keep someone occupied.
The Rocket has some of the conveniences of a big city without the typical hassle that typically comes with it. Not to mention, the job market in Huntsville is diverse and on the rise.
Millennials tend to be drawn to bigger cities where there are likely to be an abundance of activities and, more importantly, jobs. One of the biggest draws for Millennials to any city is the job market, as stated by the SmartAsset report.
As a growing hub for jobs as of late, Huntsville could be the perfect spot for some Millennials to plant their roots and purchase their first homes after college.
“They get back here and see that there’s an opportunity to grow and stay within the city, get promoted and things of that nature . . . I think that has a great effect on Huntsville,” Wesson said.
While the number of Millennials choosing to buy homes instead of rent has increased slightly in select cities, many Millennials can still feel that home ownership is out of reach. Despite these difficulties, homeownership in Huntsville has increased in the past 10 years, with nearly 25 percent of Millennials choosing to buy instead of rent, studies have found.
Huntsville has seen a lot of growth in recent years due to the expanding job market and the big city life with a small city feel.
With all that Huntsville has to offer, it’s no wonder more of the younger generation are choosing to call the Rocket City home.