Where are millennials buying?
A larger share are choosing Pennsylvania cities to buy their homes, specifically in Scranton and Allentown. A realtor.com® report found that Scranton is third on the list of top U.S. cities for millennials, while Allentown is sixth. Both cities, along with the rest of the top 10 list, have homeownership rates of 47% of millennials aged 25 to 34, while the national average is just 43%.
Scranton was applauded for its affordability and it’s also in close proximity to several major metropolitan areas.
“It’s not surprising to hear that Scranton is high on the list for millennial buyers, and believe me, it’s not just fans of The Office who have recognized what we have to offer,” said Paul Marcks, president-election of the Greater Scranton Board of Realtors®.
“Simply put, Scranton is a fun, progressive city that is very affordable and offering way more than possible in the past. Our revitalized downtown district has been booming with both converted loft apartments for rent and condos for sale. New restaurants are bringing modern and unique menus, and small businesses feature clothes, custom-made jewelry, handmade gifts and more. Graduate programs and a newer medical school are part of the attraction, and the city and vendors have recognized that and adapted quickly. There are grants available for homebuyers, businesses and, most recently, a 10-year tax abatement on the improvement value of any new building, both commercial and residential”, added Marcks.
Allentown is also an up-and-coming place for younger buyers.
“I think that the Allentown area offers so much in the way of social events and things are constantly going on. Downtown Allentown has had many enhancements; there are so many social things to do,” said Carl Billera, Greater Lehigh Valley Realtors® president. “It hits on so many fronts and it’s everything that a big city would offer without being a big city.”
Billera added that while inventory in Allentown is low, like in most areas of the country, prices are still reasonable. “Affordability is critical,” he said. “Taxes are not out of hand. I think there is a lot that Allentown offers.”
With lower interest rates, Billera said he has seen an uptick of millennial buyers in the area.