Excellent article covering one of the most critical problems of our time!
I would note that while rising home prices are a problem anywhere, the severity of the crisis varies greatly by region. The South and Midwest seem to have the most reasonable prices in the current market. While many middle-class professionals might assume that these states have poor cultural amenities, I would recommend that Millennials buy in states such as Iowa, Wisconsin or Michigan, as they have the amenities of much more expensive regions, but prices comparable to the Deep South.
If you enjoy Colorado or the Pacific Northwest, definitely consider Michigan's Upper Peninsula. The home prices are much lower and the natural scenery is comparable.
My data comes from Wikipedia and personal experience. What are your thoughts?
You are spot on, the easiest markets to break into are certainly in the South and Midwest. I would also add that many of the “rust belt” markets in the Midwest held or even gained value during the 2008 crash. I’m a proponent of getting on the housing carousel any way/anywhere you can so you can start building equity. Even if you ultimately don’t like the first place you buy, if you chose a solid market you likely walk away with some profit after a few years. I highly recommend that anyone struggling to find an affordable home to purchase look into these markets. They don’t get a ton of attention, but there’s definitely some gems.
Yep, definitely! Lennar was one of the first to roll it out large scale via their “Next-gen” plans. These days pretty much every new home builder offers plans with some sort of “in law/guest suite” that can accommodate multigenerational living
Excellent article covering one of the most critical problems of our time!
I would note that while rising home prices are a problem anywhere, the severity of the crisis varies greatly by region. The South and Midwest seem to have the most reasonable prices in the current market. While many middle-class professionals might assume that these states have poor cultural amenities, I would recommend that Millennials buy in states such as Iowa, Wisconsin or Michigan, as they have the amenities of much more expensive regions, but prices comparable to the Deep South.
If you enjoy Colorado or the Pacific Northwest, definitely consider Michigan's Upper Peninsula. The home prices are much lower and the natural scenery is comparable.
My data comes from Wikipedia and personal experience. What are your thoughts?
https://en.wikipedia.org/wiki/List_of_U.S._states_by_median_home_price#/media/File:Cost_of_housing_by_State.webp
You are spot on, the easiest markets to break into are certainly in the South and Midwest. I would also add that many of the “rust belt” markets in the Midwest held or even gained value during the 2008 crash. I’m a proponent of getting on the housing carousel any way/anywhere you can so you can start building equity. Even if you ultimately don’t like the first place you buy, if you chose a solid market you likely walk away with some profit after a few years. I highly recommend that anyone struggling to find an affordable home to purchase look into these markets. They don’t get a ton of attention, but there’s definitely some gems.
4a + 6b
Assuming you like your boomer parents, consider finding a builder / developer that focuses on multigenerational homes - they exist!
Yep, definitely! Lennar was one of the first to roll it out large scale via their “Next-gen” plans. These days pretty much every new home builder offers plans with some sort of “in law/guest suite” that can accommodate multigenerational living