Can't buy a Des Moines home? Here's whose fault it is (kinda)
People on the market for a home in metro Des Moines are having a really hard time finding homes that are on sale and it's all because of those darn millennials.
Well, only partially, according to the Register.
You see, local real estate agents say that an average of 5,000 to 6,000 homes being on the market is pretty normal for metro Des Moines.
The Des Moines Area Association of Realtors' monthly report stated that at the end of March, only 2,983 homes were on the market. But what does that have to do with the youths?
"Rush of young buyers: For years, local real estate agents wondered when millennials would start buying homes in large numbers. Now, it appears the generation of 18- to 35-year-olds is jumping into homeownership.
Realtors say first-time homebuyers are driving the demand in Des Moines, purchasing entry-level homes as fast as they hit the market.
Outside observers have taken note, too. Realtor.com said millennials accounted for 59 percent of all mortgages in metro Des Moines, by far the most of any city in the nation.
LendingTree recently said Des Moines stands out as a strong market for millennials because its cheap homes and large population of young buyers.
The National Association of Realtors has called Des Moines a top 10 market for millennial homebuyers, noting Des Moines’ strong job market and the high percentage young people moving to the city."
In March, the median price for a home was $162,000, which was up a bit from $158,250 last year around that same time. Geez. Buying a home in Des Moines just became THAT much more difficult.