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The terms “Millennials” and “Hipsters” gets tossed around a lot when we think of the retail and housing markets. Well the good news is Columbus is considered one of the Hottest Hipster Markets (in 2017). If you love craft beer, artisan coffee shops and cultural infused communities. Columbus is the place for you, according to realtor.com®’s study done in 2017. The Hottest Hipster Markets in America list also helps us identify the most in-demand housing markets in the U.S. with the highest concentrations of young "millennials" and “hipster” flocking to start and flourish their careers.
According to research completed this year, Millennials held the highest share of home buying activity out of all other generations for the fifth consecutive year, according to the 2018 Home Buyer and Seller Generational Trends study from the National Association of Realtors.
Just over one-third of all home purchases were made by Millennials, who held a market share of 36% over the past year, up from 34% in 2017. Gen Xers ranked second at 26%, a drop from 28% in 2017, followed by the Baby Boomers with 32%, up from 30% in 2017 and the Silent Generation with 6%, down from 8% in 2017.
NAR explained that Gen X buyers ranked second because Baby Boomers in the survey are segmented into two groups: younger Boomers, ages 52 to 61, and older Boomers, ages 62 to 70, and encompass a longer age period.
Columbus was considered #1 as the Hottest Hipster Markets. Here is the quick list from 2017:
1. Columbus, OH
2. Seattle, WA
3. San Diego, CA
4. Fort Wayne, IN
5. Rochester, NY
6. San Francisco, CA
7. Long Beach, CA00
8. Louisville, KY
9. Grand Rapids, MI
10.Colorado Springs, CO
Ironically, each of these markets have a strong buyer demand and low unemployment rates ranging from 2.7 percent to 4.6 percent.
What is a Millennial??
Millennials have a birth year that ranges from 1981 to 1996. Many of the older Millennials are moving towards purchasing their first homes with a focus to the more urban suburban communities.
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