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- Millennials are struggling to afford homes, but their ability to buy partly depends on where they live.
- Clever Real Estate recently ranked the best cities for millennial homebuyers that are both affordable and fun.
- Inland cities, such as Durham, North Carolina, and Dayton, Ohio, are the best places for millennials to buy a home.
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Millennials are delaying homeownership, but they might find house keys in their hands sooner rather than later depending on where they live.
Clever Real Estate recently looked at the best cities for millennials to buy a home — with a focus on cities that are both affordable and appealing — by using data from the US Census, Bureau of Labor Statistics, and Zillow. To determine this list, it ranked the 100 most populated metro areas in the US against four key metrics: job opportunity, home affordability, livability, and housing market forecast.
Read more: Here’s how much it costs to rent a one-bedroom apartment in 15 major US cities
In order to create a list that prioritized cities that are affordable and fun, Clever Real Estate gave livability and home affordability more weight in the ranking. It then determined the weighted average across all four categories to establish each metro’s final score.
Turns out, inland cities are the best places for millennial homebuyers. Cities in North Carolina — like Durham — and Ohio — such as Dayton — made the list multiple times.
Below, see the best places for millennials to buy homes, ranked. Median hourly wages are based on Bureau of Labor Statistics data, median home value is sourced from Zillow, and population estimates are based on metro area data from the US Census Bureau.
20. Durham, North Carolina, has a population of 506,660.
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Median hourly wage: $21.94
Median home value: $243,700
19. Chattanooga, Tennessee, has a population of 528,150.
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Median hourly wage: $16.55
Median home value: $158,900
18. Buffalo, New York, has a population of 1,135,614.
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Median hourly wage: $18.27
Median home value: $159,300
See the rest of the story at Business Insider
See Also:
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- Step inside the tallest building in Singapore, where the country’s most expensive penthouse just sold for $54.2 million and a 39th-floor infinity pool looks out over the city
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Source: Business Insider – hhoffower@businessinsider.com (Hillary Hoffower)