National Association of Realtors has rightly called 2015 the year of millennials. Till now, factors like job cuts, adverse economical conditions and financial crisis pushed them to sidelines as far as fulfilling the American dream of home-ownership is concerned. But experts predict that Millennials will be one of the biggest forces in the housing markets in 2015. A recent survey conducted by Zillow found that millennials believe owning a home is necessary to being a respected member of society and living a good life.
Unfortunately, situations for the young population have still not improved in the country’s most parts. Unemployment rates are high for recent college graduates. The average student who graduated from college in 2013 with student loans walked away with $28,400 in debt. These financial difficulties have burdened this segment of buyers financially to a great extent, making it difficult for them to realize their dream of home ownership.
Fortunately, Tennessee is one of the states where situations are the most favorable for millennials, particularly for those who are looking to realize their home ownership dreams. Here are a few reasons explaining why the time is right for you to buy a home in Tennessee if you are 30-something.
Number – 1 state in terms of economic development
Business Facilities, a leading national publication, named Tennessee its 2014 State of the Year for a second consecutive year based on the state’s economic development. In fact, Tennessee becomes the first state in the award’s history to win honors for economic development efforts consecutively. It’s won the same award thrice in 2014, 2013 and 2009. Needless to say, the biggest beneficiaries of this economic development have been millennials as it has boosted their purchasing power.
Nashville’s growing influence
A Times magazine article called Nashville “The South’s Red-Hot Town” recently. The city was ranked at No. 6 in 2013 and No. 2 in 2012 for net job gain. It’s resulted in migration of millennials in huge numbers. As a result, the city also ranks in the top 10 nation-wide for population growth. It’s because of growing interest of millennials that experts believe the sale of multifamily homes and apartment units have soared in Nashville recently.
Low taxes and solid finances
Tennessee boasts the nation’s lowest tax debt per capita. Over the past four years, more than 200,000 new jobs have been created in the private sector. It’s made the home ownership less expensive for millennials.
So, with projections of strong growth in residential property sector, your investment in a home is definitely a lot safer in Tennessee compared to some other volatile property markets in the country.