RALEIGH – A new ranking of the best housing markets for each generation shows that while Raleigh is an attractive city for Gen Xers, other cities, including two others in North Carolina, are more attractive for millennials.
The housing market forecast from Knock showed that while Raleigh ranked 7th for GenXers due to its relative housing affordability, leading research institutions, and access to family-friendly amenities, the region did not make the top 10 rankings for either Baby Boomers or millennials.
Instead, Winston-Salem ranked 8th and Charlotte ranked 9th, while Austin, Texas, ranked first for millennials.
“Winston-Salem is the second most affordable metro for millennials at 43% below the national median sale price,” according to the analysis. “Charlotte has seen a steady influx of millennials, with the most recent year over year increase attracting six times the inbound rate compared to the 100 metro average,” a statement announcing the rankings reads.
Knock’s study weighted home affordability as an important factor for millennials, noting that “82% of younger millennials and 48% of older millennials are first-time homebuyers.”
A recent Zillow analysis predicted that Raleigh would experience the third hottest market when it comes to real estate through November 2022, but there are increasing concerns regarding housing affordability across the region, including from business leaders and economists, as well as from Wake County officials.