Millennials are ditching their parents’ basements and using their socked away cash to buy some pretty lavish homes. USA TODAY
The National Association of Realtors has ranked Lafayette as the No. 6 city in the country in terms of where millennials are most likely to purchase a home.
“Millennials are looking for new construction or move-in-ready properties, and they are pretty savvy about our market and make decisions quickly,” said Bill Bacque, president of Van Eaton and Romero Realtors. “In fact, the first-time buyer price range of $150,000 to $299,999 homes in Lafayette Parish are currently selling, on average, in about five-and-a-half months.”
Troy Hebert, vice president of Van Eaton and Romero, said many millennials have become real estate agents after purchasing their first homes.
“Their knowledge of our local market and digital media have made them a good fit for our industry,” Hebert said.
In Lafayette, 56.3 percent of mortgage is issued annually to millennials.
Other cities included on the list were Lancaster, Pennsylvania; Utica, New York; Lincoln, Nebraska; Kalamazoo, Michigan; and Appleton, Wisconsin.
This article was originally sourced from here.