Your inside source for real estate, development and construction information serving the counties of Mecklenburg, Union & Iredell VOLUME 106 NUMBER 13 ■ MECKTIMES.COM
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Millennial demand is driving up prices in neighborhoods with kids Home values are growing fastest in areas with the highest share of kids, reflecting the impact millennial house hunters are making on family-friendly neighborhoods with a shortage of homes for sale. A record number of millennials will reach key age milestones for home buyers over the next two years, which may accelerate price gains even further. The top 10% of ZIP codes with the largest share of kids in each county
analyzed saw an average of 21.3% growth from October 2020 to October 2021, compared to 17.6% in ZIP codes with the smallest share of kids. That trend started in 2013, which, not coincidentally, was the year the oldest millennials turned 32, the age when many new parents buy their first homes. That’s the median age of first-time home buyers and one year older than the median age of fathers with newborns.
“As millennials go, so goes the housing market, and we are seeing now, as millennials age, that they are looking for homes that fit the needs of growing families,” said Zillow economist Nicole Bachaud. “Millennial demand has helped push up home prices in areas with the most children. Competition for homes in these family-friendly areas
PLEASE SEE KIDS ON PAGE 4
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“We’re forecasting a whirlwind year ahead for buyers and, if January housing trends are any indication, 2022 competition is already heating up.” Danielle Hale, Realtor.com
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