Millennials are on the move and, believe it or not, they're interested in moving to Buffalo.
According to Realtor.com's Top Cities for Millennials, older millennials (ages 25 to 34) are the largest age demographic of prospective homebuyers.
Looking at this age group and its geographical preferences, the top ten metro areas for older millennials are:
- Salt Lake City, UT
- Miami-Fort Lauderdale-West Palm Beach, FL
- Orlando-Kissimmee-Sanford, FL
- Seattle-Tacoma-Bellevue, WA
- Houston-The Woodlands-Sugar Land, TX
- Los Angeles-Long Beach-Anaheim, CA
- Buffalo-Cheektowaga-Niagara Falls, NY
- Albany-Schenectady-Troy, NY
- San Francisco-Oakland-Hayward, CA
- San Jose-Sunnyvale-Santa Clara, CA
Millennials are attracted to these places based on strong local economy, relative affordability, or both.
Millennials also show a greater trend of searching in urban areas compared to older age groups.
Buffalo makes the list due to the following statistics:
- Older millennials make up 13.4% of the population.
- Buying a home costs 22.7% of a person's income, on average.
- The unemployment rate is 5.6%.
The list also shows Buffalo is projected to grow by only 0.7% in the next five years and had a forecasted job growth from 2016-2017 of -0.3%.
Overall, Buffalo seems to be a pretty nice pick for millennials. Who knew?!