Younger Americans are more mobile than ever, may move to Boston
As the United States economy strengthens, homebuyers will begin to look for available properties that are affordable and are located in cities with a plethora of work opportunities. New census data looks at U.S. migration as mobility revives in 2012. The latest report shows that young adults between 25 and 29 years of age are the primary out-of-state movers over the past 12 months, according to The Boston Globe. Many of these people set out on their own to test urban job marketers in areas like Washington, D.C., Denver, Portland, Oregon, Seattle, Austin and Boston.
Factor in new projects that will bring 300-square-foot homes for sale in Boston, and younger buyers may be even more compelled to relocate to the Hub. These properties are called micro-apartments, and the units are meant to attract young, single adults.
"Footloose young singles are forming the leading edge of the coming migration wave," Brookings Institution demographer William H. Frey said to the news source. He attributed the jump in mobility to high demand among young adults who are ready to move for a job at a moment's notice.
The recent census data shows that about 1.7 percent of the U.S. population moved across state lines to a new property in the 12-month period ending March 2012, which is up from 1.6 percent during the same time frame last year. Approximately 2.8 percent of young adults ages 25 to 29 moved in the last 12 months - up from 3.4 percent year-over-year, and the highest rate since 2005 when 5 percent of younger Americans relocated.
To encourage an even greater number of young adults to move into real estate in Boston, recent housing data from The Warren Group paints a more affordable picture of the urban landscape, and sales continue to rise. Prices of single-family homes in the Bay State slipped below $300,000 in September 2012, the first time since May 2012 that the median price hit that low of a mark, the Warren Group said in a statement.
However, sales continued to thrive, with 3,791 single-family homes going under agreement in Massachusetts last month - up 8 percent year-over-year. With median price down, and sales up, more people have invested in property because the state offers affordable units. While this trend won't continue for long, today may be the ideal time to buy, especially for younger people looking to relocate.