Philly a good place for Gen Y homebuyers
Each generation's members value different things in terms of where they decide to buy a home. As a whole, Baby Boomers were attracted to larger houses in land-rich suburbs with good schools. Generation Y buyers, however, seem to be more concerned with living in an active community with jobs that will pay them a livable wage. Many of them are turning to growing cities when it comes time to buy. If these qualities are important to you, you might want to check out some of the homes for sale in Philadelphia, PA, as that city has received many accolades as a great place for young, first-time buyers to invest in a house.
According to PayScale, the City of Brotherly Love is an ideal place for Generation Y members to find a well-paying job and a house close to it. The average salary in the region is $42,000, which is well above the $39,700 average for the country as a whole. Moreover, salaries in Philadelphia are rising faster than they are in many other regions, meaning that Generation Y members may be able to save money over time.
Another aspect of the City of Brotherly Love that many young homeowners may find attractive is that it has many homes close to jobs. According to the source, the average commute time for young workers in the city is under half an hour, which could allow young residents to devote more time to socializing or starting a family.
Furthermore, the city has a high population of Generation Y employees. This is important, as many members of the generation say that having an active community with people their age is an important element when it comes time to pick a home. Nearly a quarter of the city's workers are Millennials, according to the source.
All of these statistics flesh out something that housing experts have been saying recently - Generation Y homebuying is motivated by quality of life.
A recent survey conducted by a residential real estate firm found that, unlike previous generations, Millennials are making their homebuying decisions not simply on house quality or price, but on the way the house integrates into their lives.
"Millennials view a home as a cornerstone for building a family and spending time with friends, not just a place to eat and sleep," said Charlie Young, one of the real-estate experts behind the study. "For Gen Y, owning a home is the foundation for one's life."