A few years ago, Trulia did an interesting study on real estate. And, the figures on millennials was quite fascinating. When compared to other buyers, investors between 28 and 30 years of age are not doing great. The gap between older and young adults has been the same for quite some time. This proves the myths around millennial investments.
If you take a deeper look at real estate investments, you will come across many influencing factors. Common factors that can influence real estate investments in different cities are employment, education, monthly income, and age. With this being said, here is a quick walk through the best and worst places for millennial investments.
Best Places for Millennial Real Estate Investments
For decades, Philadelphia has become a great destination for investors. It has a unique environment with modern and edgy lifestyles. What makes the city truly pervasive would be its art and history. As you walk through Philadelphia, you will see brick buildings that are three to four centuries old. Philly is strong in culture. Most millennial investors admire its array of theatres, art galleries, and music venues. Remember, every region in Philadelphia is special and different. (On the whole, Philly ranks #77 in best places to buy and #19 in best places to retire).
- Wyoming, Michigan
Grand Rapids is a striking place for business owners. Most investors admire the region’s cultural values. It is located in Western Michigan. Wyoming is surrounded by hardwood forests. Since early 19th and 20th century, Wyoming has produced and distributed furniture. Even today, industries rely on Wyoming for its hardwood. When it comes to automobiles, Wyoming is less vulnerable. Key selling points of Wyoming is the diverse economy, beautiful downtown, and cultural values. (On the whole, Wyoming ranks #15 in best places to retire and #2 in most secure cities).
- New Orleans
Millennials consider New Orleans as a “Northern Caribbean City”. It is not treated as a southern city in the United States. This can be attributed to the city’s cultural elements. New Orleans is rich in French culture. The city has a history that dates back to 1718. It was discovered by Bienville and Iberville. Millennial investors claim that New Orleans looks and feels like mini-Europe. New Orleans has a great lifestyle and is tagged as “The Crescent City”, “The City That Care Forgot” and “The Big Easy”. You will experience New Orleans culture in this one-of-a-kind food. (On the whole, New Orleans ranks #95 in best places to live and #89 in best places to retire).
Worst Places for Millennial Investments
- Syracuse Metropolitan
Syracuse has a national rank of #101. This can be attributed to the region’s high crime rate and unemployment. More than 67% of the region’s population are retirees. When it comes to healthcare, Syracuse has a score of 44.8. Above all, Syracuse has a low safety score of 16.5. These are major reasons why Syracuse is a Grade “C” city. In the past few years, Syracuse’s economy declined drastically. It is no longer an economic powerhouse. Though properties are extremely cheap in Syracuse, it is a less desirable region for millennial investments.
- Rochester Metropolitan Area
Rochester has a national rank of #93. This is another Grade “C” city. Around 45% of the city is a part of the rental community. In general, the household income of Rochester ranges between 53 and 55. What makes Rochester a bad choice for Millennials would be its safety score. It has a safety score of 18.2. And, more than 78% of the population in Rochester are retirees. Most of the people in Rochester face financial hardships and have very low incomes.