Millennials are Moving to Seattle
Over the years, Seattle has become increasingly well known for its strong technologically-driven economy and its eclectic downtown scene, and thus it doesn’t seem very surprising that it has become one of the most popular destinations in the United States for millennials. As realtor.com® research reveals, the Emerald City ranks second on the list of hottest spots for millennials.
Using data obtained from realtor.com home searches, percentage changes in homeownership and the U.S. Census Bureau, the folks at realtor.com found that despite high costs, millennials are electing to live in or near tech centers because they offer lucrative salaries and the type of lifestyle that young adults are looking for—thriving job markets, vibrant nightlife, trendy eateries and bars, and countless other amenities.
Though millennials have been embracing homeownership for some years now, their presence in the housing market is growing stronger. According to predictions in the realtor.com® National Housing Forecast, millennials will take 45 percent of the share of mortgages in 2019 (this compared to 37 percent for Generation X and 17 percent for Baby Boomers). It is expected that the coming year may present struggles to first-time homebuyers—as they wrestle with home price appreciation and rising interest rates—move-up millennial buyers are set to dominate the market. Looking further into the future, 2020 is what many are dubbing the “peak millennial homebuying year” as it will have the largest share of millennials turning thirty.
The strong tech economy in Seattle is a large draw for millennials. According to the Tech-30 Report, compiled by large commercial brokerage firm CBRE, Seattle was the top U.S. market in 2018 with high-tech jobs increasing by a staggering 26 percent in the last two years alone.
Seattle’s relative affordability, quality lifestyle, lack of a state income tax and investment in public transportation will all give the Seattle metro area a strong competitive edge over other West Coast markets, and will ensure the Emerald City remains a desirable locale for millennials for years to come.