With the cost of housing rising, Millennials buying property in New York may seem mythical—but the city is in line with a national uptick in home-purchasing among adults aged 35 and younger, experts say. Those in that age group could account for 43% of property buyers in the United States by the end of 2018, reported Realtor.com.
New York was the 12th most expensive state in the country with a median home value of $282,100 as of July, up 4.1% from a year prior, according to data from the national listings site Zillow. Hawaii was at the top with a median of $617,500.
New York City, meanwhile, was the 7th most expensive city in the United States, with a median of $672,200. Comparatively, San Francisco was the priciest metropolitan area, with its median at $1.366 million, and Cleveland was the cheapest at $53,000, Zillow found.
And though real estate brokers tend to call current interest rates low, the national 30-year fixed rate was 4.51% as of August 23, according to Freddie Mac. That is down from 4.66% in May, but it’s among the highest rates from the last five years.
Young adults are also still rebounding from the recession, others added. “A big factor here is that the income, particularly in New York City, has not nearly increased to the degree that real estate [prices have],” noted Rory Bolger, a broker with the firm Citi Habitats.
Article via Forbes