Because millennials, Generation X members, and baby boomers are in different stages of their lives, they are seeking different types of real estate markets that meet their specific needs. Realtor.com® found the hottest locations for each age cohort based on migration data for each of the major U.S. metros, home-search activity on realtor.com®, and the percentage of positive change in homeownership for each city from 2016 to 2018. The research shows that millennials are lured to places with strong technology and cultural centers, Gen Xers favor more affordable markets, and baby boomers are heading to the Sun Belt.
Millennials
Booming job markets are important to millennials, as are cultural and nightlife amenities. Realtor.com® found that the hottest millennial markets are:
- San Francisco
- Seattle
- Houston
- Dallas
- Washington, D.C.
- Denver
- Boston
- Ann Arbor, Mich.
Generation X
“Generation X is looking for housing affordability, where they can meet the needs of growing families,” Chris Porter, chief demographer at John Burns Real Estate Consulting, told realtor.com®. They tend to prefer warmer weather and more business-friendly states, which may explain why “Texas has been one of the fastest-growing regions in the country for a while,” Porter added. The hottest markets for Generation X are:
- Houston
- Miami
- Dallas
- Washington, D.C.
- Riverside, Calif.
- Austin, Texas
- Odessa, Texas
- San Antonio
Baby Boomers
“A lot of [baby boomers] are looking to downsize,” says Lori Corwin, a real estate professional at Realty Executives in Phoenix. They may be looking for homes that require little maintenance, including in 55-plus communities. The hottest markets for baby boomers are:
- Phoenix
- North Port, Fla.
- Miami
- The Villages, Fla.
- Punta Gorda, Fla.
- Austin, Texas
- Riverside, Calif.
- Cape Coral, Fla.
Source: “Millennial Meccas, Gen X Hot Spots, and Boomer Boomtowns,” realtor.com®
