In a recent article published by Inman titled “Which markets are most popular for millennial homebuyers?” the author Deidre Woollard hits on a very hot real estate topic! Woollard points out in the article that millennials will be the largest section of homebuyers for quite some time to come. She writes, “more and more millennials are reaching the point in their lives where they are ready to buy a home, but they are entering a highly competitive housing market that has been plagued by low inventory, especially among entry-level homes…”
The main trend Woolard illustrates through recent studies by Lending Tree is that people buy where they can afford to buy. What does this mean? It truly comes down to two main factors, the city simply must have a combination of decent jobs available and an adequate supply of starter homes to choose from.
So, does Spokane fit that bill?
Spokane is “the center of the third largest urban area in the Pacific Northwest (after Seattle and Portland) and retains the distinction of being the largest city on the Interstate highway and rail corridor between Seattle and Minneapolis, a span of over 1,600 miles.” (Wikipedia)
Realtor.com recently named Spokane the #1 Real Estate Market to watch in the United States in a recent article titled “Cost-Conscious Buyers Are Flocking to These 10 Affordable, Midsize Cities” by April Corbin. The article suggests that because of the “…severe housing shortage, sky-high home prices, and equally towering costs of living in the priciest cities are pushing wannabe home buyers to seek out smaller, more affordable metro markets around the nation.” Corbin argues in her article that Spokane makes sense for those on a budget, as the median home price in the metro is an affordable $269,050 (a bit less than the national median of $274,900) and just over half of what it would cost to live in the Seattle metro area.
And to seal the deal, Spokane was also ranked the 7th most hipster city in the United States on the US Hipster Index outranking Los Angeles (133rd), New York (143rd) and even San Francisco (61st). In case you aren’t hip to the Hipster Index criteria, it draws from five data points… the number of microbreweries, thrift stores, vegan restaurants, and tattoo studios per 100,000 city residents, as well as factoring in the rent inflation for the past year.
With interest rates rising, inventory rates still dwindling and prices still creeping up, for some buyers, the dream of homeownership may require a move… and Spokane may be a perfect fit!