The millennial generation presents an amazing opportunity for real estate professionals. These up and coming Americans are highly-educated strivers with disposable incomes. Some areas are witnessing increased influxes of millennials.The young want the high quality of life these locations offer. 2016 will undoubtedly be a hot year for sellers and buyers in these top housing markets. So, what does this mean for those in other places? Well, a lot. After all, any competent professional can discern some of the same qualities of these hot markets within their own region. It is possible to do well in the real estate industry despite overall market trends. Just as some cities and neighborhoods resist negative economic news, top sellers thrive regardless of how things look overall.
With that said, here are the top two real estate markets for millennials in 2016 and what makes them so popular.
1. Greenpoint, Brooklyn
The borough of Brooklyn has witnessed a resurgence in the 21st century. Once blighted neighborhoods have been refurbished. Greenpoint is a bohemian community where millennials comprise 14 percent of the residents. Young college graduates feel right at home here. New York University (NYU), a prestigious institution, is well represented in the area. Expect a relatively high monthly housing rate of $1,157 and a somewhat low median income of $31,703. However, the large number of eateries and drinking establishments, along with adequate green spaces ,offset these budgetary concerns for most.
2. Cow Hollow, San Francisco
The Bay Area is where young strivers go when they want to enjoy decent weather and access to high-tech jobs. Cow Hollow is where many reside. Millennials comprise 15 percent of the residents. The median monthly housing rate sits at $1,344, which for the West Coast is reasonable.
FBI statistics place the neighborhood in the “average” crime rate category, despite being an urban locale. The University of San Francisco is an institution attended by many in Cow Hollow .
The Millennial Market in Overview
Real estate professionals should take heed to where millennials are moving. Green Point and Cow Hollow both have above average mortgage and rental rates; however, these prices reflect a vibrant market. Moreover, the communities have a significant presence of those aged 24 to 34, demonstrating that the young want to live around their own.
Last, but not least, area universities are nationally prominent.
Armed with this information, industry professionals can locate similar neighborhoods in their own regions. 2016 can be a top year regardless of any dire prognostications to the contrary.