Every generation is a little different from the last one, and lately a lot of attention has been given to the millennial generation. There’s been an influx of articles detailing the various millennial habits: from how they spend time on social media to what kind of employee they tend to be.
There has also been concern expressed that due to residual school debt and lack of strong job possibilities, millennials aren’t interested in buying real estate. While this may be true in some areas, Nashville appears to be full of industrious millennials who have positive experiences with both jobs and real estate.
As Nashville REALTORS we’ve been paying close attention to millennials and real estate trends, and we’ve noticed an increase in millennial homebuyers, especially those interested in urban living. Here are just a few of the reasons why Nashville real estate is great for millennial homebuyers right now.
Nashville is full of young adults
In this post from MSN Real Estate, Nashville was rated number 10 in the most popular cities for millennials. While Nashville’s past image may have been full of an older, more traditional crowd, that’s no longer the case. There have been large numbers of new residents to the area, many of them part of the under 30 crowd. This makes it easy for millennial homebuyers in Nashville to make new friends and dive right in to a community of peers.
Nashville has diverse housing options
Do you want to live in a historic craftsman home in East Nashville? Or perhaps you want to be in the middle of it all in the Gulch? Whether you want a condo, town home, or residential house, Nashville’s real estate market has something for you. More and more millennial homebuyers are looking for urban lifestyles rather than suburban ones, and Nashville offers a variety of interesting areas to support this.
Nashville’s condo market is growing
Many millennial homebuyers are looking for condos or town homes. These real estate options are a great way for younger home owners to get started in real estate, build equity and are often much more affordable than a house. There’s also the added bonus of less upkeep and top-notch amenities (from pools to state-of-the-art fitness areas) offered by many of Nashville’s high rises.
Nashville’s rent rates keep rising
We’ve addressed this multiple times on the blog, but the fact remains that Nashville rent rates are climbing. Vacancies are dropping and finding an affordable rental is becoming more and more challenging. This makes buying a smart move for millennials in Nashville right now.
Buying a home is getting easier
Mortgage rates continue to be low, which is helping first time homebuyers tremendously. Locking in a low rate means finding a home with an affordable monthly payment is once again a feasible option.
Also, multiple opportunities exist for first time homebuyers who don’t have large down payments. While we would always suggest having 20% to put down, there are various programs offered by both the state and national housing agencies.
There can be no doubt that the millennial generation is shaping how Nashville’s real estate market will look in the coming years. New construction is already adapting to the millennial shift in what’s desirable, with more open floor plans and urban living trends. With homebuilders meeting these needs and the market supporting them right now, Nashville real estate is great for millennial homebuyers these days!
If you’re looking for a new home or would like to speak to one of our expert real estate agents, gives us a call at DeSelms Real Estate (615) 550-5565.