With social distancing and shelter-in-place orders, some members of the millennial generation have temporarily postponed their first home purchases. However, despite recent events, there are places where homeownership is common for this population. The Grand Canyon State happens to be one of those locations. So, where are millennials buying in Arizona?
According to a recent report by ImproveNet, out of 170 cities nationwide with populations of 150,000 or more, Arizona had communities with some of the highest numbers of millennial homeowners in the nation.
With a median age of 33.6, Gilbert, Arizona, has been recognized as one of the best places to raise a family and one of the safest cities in the US. The ImproveNet report found that millennials owned 15.3 % of the homes in this community. Gilbert’s ranking in millennial homeownership has shown significant growth in recent years. According to another report, the city has the “second-highest 10-year change in under-35 homeownership rates” with “a 9.17% increase between 2009 and 2018.”
In Tempe, Arizona, millennials owned 13.3% of the homes. A surprising 4.3% of these were single homeowners rather than couples. With a median age of 28, the millennial age group is the leading demographic in Tempe. Tempe has emerged in recent years to be a leader in innovation, business, and sustainability. This community is also the location of Arizona State University (ASU), which has been ranked the Most Innovative University for four years in a row by US News & World Report. With its youthful culture, efforts towards developing business opportunities, and vision of building a sustainable future, Tempe has all of the necessary elements to increase its millennial population.
Phoenix, Arizona, is a thriving city that has also been attracting millennials. The ImproveNet report found that this group made up 13% of all homeowners in this community. With the recent population boom around Metro Phoenix, millennial buyers have been moving into the area to work for major corporations and technology start-ups. There have been numerous employers setting up operations in Phoenix as it has evolved into a technology hub. Additionally, several business and real estate development projects have been happening in the area over the past year.
One study found that Peoria, Arizona’s percentage of millennial homeowners, increased 8.46 percentage points from last year. The fast-growing Phoenix suburb is close to the city, making it desirable for commuters. There are also several residential communities with rising real estate values and good schools. Additionally, Peoria’s employment sector has been steadily growing in recent years. As Phoenix continues to grow, millennial population members are expected to continue gravitating towards this flourishing community.
When buying or selling real estate in Arizona, it’s crucial that you have an experienced real estate attorney to protect your interests. Laura B. Bramnick is an experienced Arizona real estate attorney who can help you manage all aspects of your Arizona real estate matter. If you are seeking an exceptional, client-driven real estate lawyer in Gilbert, Phoenix, Tempe, Peoria, and throughout the State of Arizona, contact Laura B. Bramnick to schedule your consultation.