According to the National Association of Realtors’ recently released 2016 Home Buyers and Sellers Generational Trends Report, millennials (the generation of people who reached young adulthood around 2000) have been the largest cohort of home-buyers for the past three years, making up 35 percent of total buyers.
If you’re a millennial on the move and looking to buy or rent a new home, certain states offer more than others when it comes to money matters. MoneyRates.com recently released a list of the top states for millennials, based on factors including affordable education, career opportunities and cost of living. The goal was to identify the states where this age group, primarily those age 20-14, can best balance budgets that likely include low wages and high student loan payments.
Results show the top locales for millennials are:
- North Dakota: An economic boom means jobs are plentiful and the cost of living is reasonable. College tuition and rental costs are lower than average and the state has the nation’s lowest unemployment rate (4.6 percent compared to the 10.7 percent state average) for 20- to 24-year-olds. Plus, North Dakota is among the top 10 states for access to high speed broadband and the number of nightlife options per 1,000 young adults.
- South Dakota: This state has the nation’s lowest average home rental rates and one of the lowest rates of unemployment among young adults.
- Nebraska: The Cornhusker State boasts the nation’s second lowest unemployment rate for young adults.
- Iowa: The Hawkeye State also had a low unemployment rate among millennials – just 5.8 percent.
- Montana: Known as “Big Sky Country,” Montana claims the nation’s second-lowest tuition rate for in-state students at four-year public colleges. And when class is out, Montana also ranks in the top 10 for the highest concentration of both health clubs and nightspots relative to its millennial population.
Rounding out the top 10 states for 20-somethings are Louisiana, Indiana, Kansas, Wyoming and Texas.
If you’re considering a move to or from the Washington, DC metro area – no matter your age group – we can help assure a smooth transition. Call McKendree Moving & Storage at 800-530-2626 or request a free quote online.