Des Moines Ranks in Top 10 Most Favorable Areas for Millennials
June 5, 2020
Des Moines made the National Association of Realtors' list of Top 10 Most Favorable Areas for Millennials During the Pandemic. The top 10 metro areas were chosen for a combination of better affordability compared to a year ago, relatively better inventory availability, higher shares of millennial residents, lower shares of most affected industries by the lockdown and fewer job losses during the pandemic than average.
Lance Hanson, President of the Des Moines Area Association of Realtors®, is proud of how low rent is here in Des Moines. "The average rent here is can be as low as 50% than the national average," he says. Because of the higher wages Des Moines offers, Millennials are more likely to own a home here than they are nationally. They can come here and easily buy a home. When Millennials save money by not renting, they invest that money into things that are more life-changing. Starting here can change a young person's life.
In the Des Moines Metro Area, active listings increased by 5% in April 2020 compared to a year earlier. The Top 10 cities chosen had a smaller decline of housing inventory than most of the large metro areas.
STRONG PRESENCE OF MILLENNIALS
Des Moines has a 17% share of Millennials. "We are creating this new generation of young people staying here. It’s changing now. Overall, we’re lowering the age of our population," says Hanson. He also mentioned the big draws that Des Moines offers. "With bike trails, art, food, and theater, we have a socially diverse system. We even have one of the greatest art festivals in the country!"