Why buying a first home is getting harder
In the 7 years since the housing crash ended, home values in 78% of U.S. metro areas have climbed faster than millennials' incomes, the AP reports.
Why it matters: That gap, found in real estate industry data provided by CoreLogic, is pressuring 20- and 30-year-olds to buy something before they are completely priced out.
What's next: A Redfin analysis found these buyers are leaving too-hot-to-touch markets, including San Francisco and Seattle.
- Instead, many millennials are buying in more reasonably priced areas like Salt Lake City, Oklahoma City and Raleigh.
The catch: That migration is driving up housing prices in those communities, too.
“They do want all the same things that previous generations want. They just have more roadblocks, and they’re going to have to come up with more creative solutions to get the homes that they want.”— Daryl Fairweather, Redfin's chief economist