Photo by JD Mason
A survey on Millennials Home Buying Trends conducted by the real estate experts at SmartAsset has shown that one of the reasons that the town of Cary is the fourth most desirable location to buy or build a new home nationwide for adults age 35 and under.
Bucking the national Millennial Home Buying Trends showing that there has been a seven percent drop in 35 and under adults owning a home in the past decade, Cary has actually continued to see that number rise with in the town during this same time frame.
SmartAsset blogger, Nick Wallace, summarized each of the top ten cities where Millennial Home Buying Trends are most on the rise, explaining while detail Cary that “The city’s 3.3% rise in under-35 homeownership in the past decade is the third-largest increase of any major U.S. city. Today, some 42.1% of millennials in Cary own their home.” The article at smartasset.com went on to explain, “ The homeownership rate among young people in the region’s two largest cities, Raleigh and Durham, has fallen steeply over the past 10 years, by 10% and 8% respectively. In Cary, however, it has gone in the opposite direction.”
In compiling and detailing the Millennial Home Buying Trends accurately to be used in the final rankings the website explained, “SmartAsset’s analysis of millennial homeownership looked at U.S. Census Bureau data. Specifically, we looked at households in which the head of the household was less than 35 years old. We calculated the percentage of those families that owned their own homeover a ten year span.”
The blog piece went detail the ranking process once all information was tallied, saying, “We then ranked the 200 largest U.S. cities on two separate measures: the overall annual homeownership rate for young adults and the percentage change in that rate as opposed to its rate 10 years ago. We averaged those two rankings, giving equal weight to the two metrics of homeownership. Finally, we calculated an overall index score that ranged from 0 to 100. The city with the best average ranking scored 100 on that index.
For more information on the Top 10 Cities Where Millenials are Buying Homes, visit smartasset.com.