If you're scraping pennies together to approve that online transfer to your landlord once a month, owning an actual house can seem like a pipe dream.
It’s hard to feel like you can buy a place with a million other financial pressures (don't even get us started on student loan debt) looming over your head.
Still, the benefits of owning a home are enticing. According to Bank of America's recent homebuyer insights report, owners indicated higher levels of satisfaction with their financial well-being, the quality of their social life and their life overall — not bad! If your goal is to join the ranks of those happy homeowners, there's hope if you know where to look.
The real estate site Sundae recently released a list of the five most popular cities among younger buyers. With affordable home prices and active communities, you might find the next stop in your personal world tour on this list.
5. Salt Lake City, Utah
Living in Salt Lake City means great views of both the city itself and the picturesque Wasatch Mountains.
It's also attractive for millennials because of its eco-friendly initiatives: Bikes and scooters are available to rent all over the city, and it's one of the “most progressive bike lane cities in the country.” They're also building more electric car charging ports that allow drivers to charge their cars for free.
According to the Salt Lake City Department of Economic Development, it's also one of the fastest-growing markets for co-working, there are tons of community gardens and farmers markets and it's within 10 minutes of a major airport.
4. Denver, Colorado
It’s no secret that Denver's pretty awesome, especially for people just starting out in their careers. In 2018, there were about 76,000 millennials living in the city, with the number increasing by the year — so you won't have a hard time finding friends! Residents are making this city feel fresh by investing in new restaurants, microbreweries and other hang out spots to bring the large community together.
The city also implemented a new transit system to make the city more accessible at a lower cost, something millennials are constantly seeking. Plus, Denver is close to the mountains so it's perfect if you like hiking or winter sports.
3. San Jose, California
San Jose is considered by many to be the tech hub of the U.S. because the headquarters for companies like Apple and Google are close by. Although the cost of living isn’t as cheap as other cities on this list, the average income of people who work in San Jose is higher than most because it's home to some high-paying jobs within the tech industry.
Even so, you’re definitely getting your bang for your buck as a millennial in this city. Aside from the ample job opportunities, the city features everything from microbreweries to museums to keep you busy on your off days. Popular California destinations like Big Sur and San Francisco are also close enough for easy weekend trips.
Oh, and did we mention the average temperature all year long is between 60 and 80 degrees?
2. Buffalo, New York
With a median home price of $150,000 in 2019, Buffalo is the least expensive city on this list. Another bonus: According to Sundae, job opportunities in financial services, education and health care are plentiful in this town. Want to go out with your friends at night? The city has a growing nightlife scene and recently underwent a waterfront redevelopment.
1. Minneapolis, Minnesota
This city truly has everything a millennial could want. The unemployment rate is at 3%, so there are plenty of opportunities for millennials looking to start fresh in their career. Minneapolis is also a great walking town but offers good public transportation to make commuting easier.
Minneapolis isn't exactly cheap, but it’s comparatively less expensive than other major cities. Major artists and performers stop by the city while on tour and it's home to five national sports teams — but it isn’t overwhelmingly crowded. It's not hard to see why this city tops the list.