The Twin Cities have an abundance of well-regarded colleges and universities, but it’s broadly believed that economics are driving the trend. The region has one of the lowest unemployment rates in the nation and a modest cost of living compared with many cities on the coasts.
Because of a combination of relatively inexpensive house prices, high wages and low property taxes, the Twin Cities were recently singled out by the Atlantic magazine as the second-most-affordable place in the nation for millennials.
In the 25 counties, including Hennepin, with the biggest increase in millennial population between 2007 and 2013, fair market rents a property in 2015 will require 30% of the median household income. Buying a median-priced home in the county requires 36% of median household income.
“First-time buyers and potential boomerang home buyers are stuck between a rock and a hard place in today’s housing market,” said Daren Blomquist, vice president at RealtyTrac.
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