Miami Considered a Top Spot For Millennial Homebuyers
The national real estate platform Realtor.com released its Top Cities for Millennials list, and Miami snagged the No. 2 spot right behind Salt Lake City.
One should note, though, that Realtor arrived at the ranking by measuring the number of page views of its city sites by millennials—so, there’s no proof that those page views are translating to home sales. Still, young people are at least overwhelmingly interested in buying in Miami.
Why Miami? Realtor points to hot neighborhoods like the artsy Wynwood and the fashion-forward South Beach as draws for millennials.
However, it’s not cheap to buy in Miami: the average buyer here must spend 49 percent of his or her income on a home. In fact, another study that just came out says that Miami ranks as the top city where millennials live with their parents. So, maybe buying a home in Miami is a dream for many millennials, but only a reality for some.