A report compiled by Realtor.com shows the five worst housing markets that are very challenging for Millennials.
Salt Lake City, Omaha, and Minneapolis complete the five worst housing markets. Alongside San Jose and Seattle, the markets in these cities may not be too welcoming for the newer generations.
Although the Millennials have higher incomes compared to the median earners across the country, the housing markets in these five cities are very competitive. Inventory shortage remains very widespread while listing prices continue to go up.
Statistically, these cities have housing supplies that are three times lower than the rest of the country. The bidding on these properties also exacerbate the rising prices.
Despite the market growing to be very challenging, first-time homebuyers remain very optimistic. Danielle Hale, Realtor.com’s Chief Economist notes that “first-timers are optimistic and more than willing to weather the challenges this spring has to offer.”