Studies show that there has been an increase in the real estate market among millennials who are looking into buying their own homes. There are certain cities in California that young adults are gravitating to for their first-time home purchases; but why? Millennials tend to be looking for cities with perks like parks, restaurants, great jobs, and easy commutes just to name a few things which motivate their decisions.
Young adults are flocking to these particular California cities listed below with a description of what a millennial homebuyer is looking for in that particular city:
Bakersfield is a popular choice for first-time home buying among millennials, as their houses are some of the most affordable in the state.
Elk Grove is growing in popularity with millennial real estate hunters because of its less expensive home prices, easy travel access to Lake Tahoe, and closeness to jobs in San Francisco and Sacramento.
San Francisco has often been described as an adult playground, with no shortage of things to do and see. Despite its high housing costs, the lure for millennials to San Francisco seems to be the opportunity to work for well-known companies like Twitter, Pinterest, and Spotify – or to become an entrepreneur.
The homebuyer looking to relocate to San Jose is more than likely looking at the Silicon Valley paycheck, as housing here is some of the most expensive. It’s a tech entrepreneur’s dream, as well as millennials looking to break into companies like Apple and Netflix.
Housing isn’t be the most affordable, but Los Angeles is still renowned as the land of opportunity for creative types, whether a millennial is looking to break into the entertainment business or to become part of the recently booming Silicon Beach tech industry.
If you or someone you know is planning on starting a fix/flip project soon, contact Center Street Lending to get more details on how a private lender can help you start and grow a house flipping business.