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5 housing trends for fall 2014

Mortgage » 5 Housing Trends For Fall 2014

Buyers seek more affordable markets

Places with the most affordable housing for millennials

RealtyTrac picked counties with large and growing populations of millennials (born between 1977 and 1992)

Metro areaPercent of median income spent on payment for median houseMedian home price, April 2014Median household income, 2014 (estimated)
Augusta-Richmond County, GA10.52$64,100$37,561
Fayetteville, NC13.14$97,500$45,742
Atlanta-Sandy Springs-Marietta, GA13.98$111,600$49,200
Jacksonville, FL13.99$99,000$43,621
Philadelphia, Camden-Wilmington, PA14.06$81,675$35,801
Baltimore-Towson, MD14.35$90,000$38,655
Little Rock, North Little Rock, Conway AR14.81$122,000$50,768
Columbus, OH15.26$125,000$50,502
Omaha-Council Bluffs, NE15.35$128,000$51,392
Milwaukee-Waukesha-West Allis, WI15.62$108,000$42,611

Source: RealtyTrac: "Most Affordable Housing Markets for Millennials"

Buyers seek more affordable markets

If you think buyers aren't willing to move out of their comfort zones to live in more affordable housing markets, you may want to reconsider.

Many buyers, especially the younger generation, are relocating to areas that didn't seem as appealing before, but now they are prioritizing affordability, says Daren Blomquist, vice president for RealtyTrac, a real estate data company in Irvine, California.

RealtyTrac recently compiled a list of the most affordable counties in the nation, based on median home prices and the percentage of income required for the mortgage payments.

For instance, in Fayetteville, North Carolina, buyers spend about 13 percent of their incomes on house payments for an average home, according to RealtyTrac. The millennial population there has jumped more than 20 percent since 2007.

"These may not be the first places when you think of the younger generation moving there, but many of these places have a good job picture or a job picture that is improving," Blomquist says.

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