A growing number of millennials are reportedly choosing to live in the suburbs over big cities. Factors like good weather and better employment opportunities make this age group choose smaller metros. We’ve listed 10 of the best suburbs where you can buy your first home as a millennial.
According to a recent report by CNBC’s Diana Olick, while such a trend is not new, suburbs need to expand to accommodate the growing demand from millennials. “They want close-knit, they want walkable, and they want it around smaller cities,” Olick also said referring to millennials or people in the 23 to 38 years old age bracket. This year, Niche, a comprehensive data provider, has identified the best suburbs in the U.S. to live in where millennials can consider buying their first home. Below are the top 10 from the list:
The best suburbs to live in 2019 where millennials can buy their first home
- Carmel, Indiana – Located in Hamilton County, this suburb has a population of 88,595. The median home value in Carmel is $320,400.
- Okemos, Michigan – Located in Ingham County, this suburb with a population of 22,989 has highly rated public schools. This suburb has a median home value of $213,600.
- Chesterbrook, Pennsylvania – Located in Chester County, this suburb with only a population of 4,675 also boasts of highly-rated public schools. A significant number of retirees live here. The median home value in Chesterbrook is $318,400.
- Richmond Heights, Missouri – Located in St. Louis County, this suburb has a population of 8,466. Many of the residents in this suburb are young professionals. The median home value in Richmond Heights is $244,600.
- Clayton, Missouri – Also located in St. Louis County, this suburb has a population of 16,214. Like Richmond Heights, there are also many young professionals living in this urban feel location. The median home value in Clayton is $590,800.
- Penn Wynne, Pennsylvania – Located in Montgomery County, this suburb has a population of 5,700. The median home value in this suburb is $367,400 and the percentage of homeowners is significantly high compared to renters.
- Los Alamos, New Mexico – Located in Los Alamos County, this suburb has a population of 12,035. The median home value in Los Alamos is $291,800.
- Grandview Heights, Ohio – Located in Franklin County, this suburb with an urban feel has a population of 7,377. Many of the residents here are young professionals. The median home value in Grandview Heights is $313,700.
- Clarendon Hills, Illinois – Located in DuPage County, this suburb has a population of 8,680. The median home value in Clarendon Hills is $478,500.
- Prairie Village Missouri – Located in Johnson County, this suburb has a relatively large population of 21,932 compared with the other suburbs on this list. Many of the residents in this suburb are retirees and young professionals. The median home value in Prairie Village is $243,800.
All the suburbs on this list have an A+ overall rating and are considered to be the best locations to live in their respective states. Millennials who consider living in any of the suburbs on the list have convenient access to restaurants, parks, and coffee shops.
Buying your first home can be a challenge
As a millennial, you may find it a challenge to buy your first home. Buying a home might be one of the biggest investments in your lifetime, and it’s important that you get the best property for your future family. However, if you have plans of buying a home in a suburb, a professional loan advisor may quickly help you process your mortgage.