Landscape Architect & Specifier News

JAN 2016

LASN is a photographically oriented, professional journal featuring topics of concern and state-of-the-art projects designed or influenced by registered Landscape Architects.

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94 Landscape Architect and Specifier News I n f o r m a t i o n R e q u e s t # 6 5 3 Like most of the cities on the list, about a quarter of the population of Columbia, S.C., is in the millennial age group (those born in the early 1980s to the early 2000s). Columbia has the least expensive median home prices ($118,978) for single-family homes for sale of the top 10 choices of millennials for purchasing a home, according to a Trulia real-estate survey. Columbia is number seven on the list of cities where mellennials are thinking about buying a home. This Columbia, S.C., home lists at $128,900. PHOTO: TRULIA.COM Migration of the Millennials: Where They're Looking to Buy According to Truilia ( www.trulia.com ), a real-estate listings website, Americans think next year will be a better year for selling a home, although conditions won't be ideal for those looking to purchase a home, mostly because of looming interest rate increases. Trulia surveyed Millennials about their plans on purchasing a home in 2016. Thirteen percent of the Millennials indicated they plan to buy a home in 2016; 35% plan to purchase a home by 2018. Where are Millennials looking to buy a home? Here are their top-10 choices: 1. Grand Rapids: Grand Rapids, Mich., is quite affordable. A middle-class family needs only 22% of its income to buy a home. The area had job growth of 3.5% over the past year. The median single-family home price for sale in Grand Rapids is $152,771. Millennials make up about a quarter of the metro area population. 2. Charleston: Trulia ranked Charleston, S.C., second on the list because of its high job growth (4.9% in 2015) and a high share of home searches for the city. The median single-family home price for sale in Charleston is $205,131. Millennials account for 25.5% of the Charleston metro area population. 3. Austin: Millennials comprise 28% of the Austin population, and job growth was 5% in 2015, one of the highest of the 100 largest metro areas. The median home price for a single-family home for sale in Austin is $233,062. 4. Baton Rouge: Millennials account for 26% of the Baton Rouge metro area population. Homeowners need just 22% of household income to be able to afford a home in Baton Rouge. The median home price for a single-family home for sale in Baton Rouge is $155,638. 5. San Antonio: San Antonio had strong employment growth (4.1%) in 2015. Millennials make up about a quarter of the San Antonio metro area population. The median home price for a single-family home for sale in San Antonio is only $143,108. The median household for the five years through 2013 was $45,722, according to U.S. Census Bureau data. 6. Colorado Springs: The median home price for a single-family home for sale in Colorado Springs is $223,773. Homeowners need a minimum of 27% of household income to be able to afford a home in Colorado Springs Millennials comprise approximately 26.5% of the metro area population. 7. Columbia, S.C.: The median home price for a single-family home for sale in Columbia is $118,978, the lowest of the 10 cities. Homeowners need only about 20% of household income to be able to afford a home in Columbia. Approximately 26% of the Columbia metro area population are Millennials. 8. Riverside-San Bernardino, Calif.: Millennials represent about 25% of the Riverside-San Bernardino metro area population. The growth in employment over the past year is strong (5%), but homeowners need a minimum of 37% of household income to be able to afford the $285,985 for a median single-family home for sale in Riverside-San Bernardino. 9. Las Vegas: The growth in employment over the past year is strong (4.8%) in the Las Vegas metro area. The median home price for a single-family home for sale in Las Vegas is $197,877. Millennials make up approximately 24% of the metro area's population. 10. Tacoma, Wash.: The Tacoma metro area population is 25% Millennials. Homeowners need a minimum of 29% of household income to be able to afford a home. The median home price for a single-family home for sale in Tacoma is $245,455.

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