RealtyTrac, a real estate information company, recently analyzed data from the Census Bureau and they were able to track the migration patterns of millennials from 2007 to 2013. As you can see from the map and the information these generation y buyers are on the move to the Charlotte area with a 32 percent increase in recent years.
Daren Blomquist, Vice President of RealtyTrac, was quoted saying “The millennial generation is the key to a sustained real estate recovery. Naturally, millenials are attracted to markets with good job prospects and low unemployment but that tend to have high rental rates and high home appreciation.”
With the exponential amount of jobs being added and the establishment of major sports teams, Charlotte is becoming an appealing location for many recent college graduates to either move to or move back to.
According to a new report released this week from The Demand Institute, Millennials and Their Homes: Still Seeking the American Dream, millennials are expected to make the move to the suburbs within the next 5 years. In fact, Millennials are expected to form 8.3 million households over the next five years and by 2018 they are projected to spend $1.6 trillion on home purchases.
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