14 West Hawaii Real Estate | June 22, 2016 A flurry of financial obstacles Top purchase markets for Millennial homebuyers identified and lifestyle choices are stalling the journey to homeownership for many young adults, but becoming a homeowner is currently more feasible in some less expensive metro areas with steady job growth and lower qualifying incomes needed to buy, according to new research by the National Association of Realtors. NAR analyzed employment gains, population trends, income levels and housing conditions in the largest 100 metropolitan statistical areas across the country to identify the best purchase markets for millennial homebuyers. Lawrence Yun, NAR chief economist, says although millennials have made up the largest share of buyers for three consecutive years, sales to firsttime buyers and the homeownership rate for young adults under the age of 35 remain depressed at levels not seen in decades. This is despite historically low mortgage rates, escalating rental costs and low unemployment levels among those with a college education. KONA BY THE SEA KONA BAY DR HAWAII BELT RD NANI KAILUA DR MLS# 291932 $379,000 MLS# 291621 $1,100,000 MLS# 291611 $789,000 MLS# 291613 $795,000 ACREAGE FOR SALE MLS 290835: Is a 10.5 acre producing leasehold farm with an old farmhouse on property. $195,000. MLS 295025: Panoramic view lot in Hualalai Vistas subdivision. Lot 16, 1 acre. $279,000. &$+!ķ!ŋƑƐƒƕƔ 808.895.2232 1_†1hŠ1_†1h|-‹Ѵouruor;uঞ;vĺ1ol 1_†1h|-‹Ѵouruor;uঞ;vĺ1ol ĺ!+ )ķ!"҄ѵƔƖƐƕ 808.896.7901 cbryancaldwell@hawaii.rr.com 75-5722 Kuakini Hwy, Ste #103 Kailua-Kona, HI 96740 RESIDENTIAL 3 Beds 3 Full Baths 2,398 SQFT North Kona RESIDENTIAL 3 Beds 3.5 Baths 2,454 SQFT South Kona RESIDENTIAL 3 Beds 3 Full Baths 2,198 SQFT North Kona Shoreline view from the inside of the condo overlooking the pool, palm trees and onto the ocean break. The view is even better from the lanai. Kitchen has granite countertops, stainless steel appliances and newer carpet, furniture and cabinetry. The unit has central air and internet access. This resort style 3 bed 3 bath home is the least expensive property in Kona’s nicest ocean front community. The air conditioned residence has a ĂRZLQJĂRRUSODQZLWKKLJKFHLOLQJV7KHPDQ\ windows and high ceiling let in much natural light and gives a feeling of space and tranquility. This is a beautifully landscaped property with a main house, a second house that is currently rented and a shed. All buildings are permitted and the two residences are on individual septic systems. There are approximately 250 coffee trees on the property, and you can enjoy your own brew on the lanai while looking at the ocean view. Beautiful, well designed, family home at the top RI.DLOXD9LHZ(VWDWHV7KLVĂRRUSODQĂRZVYHU\ well, with the master bed & bath on the makai side and a second bad & bath en suite on the mauka side. Home includes a fully paid for Photo Voltaic system & Solar Water. CONDO 1 Bed 2 Full Baths 919 SQFT North Kona “Even with potentially higher incomes, prospective millennial homebuyers residing in some of the most expensive cities in the country face the onerous task of paying steep rents while trying to save for an adequate down payment,” he said. “However, for those currently living in or looking to move to a more affordable part of the country, there are metro areas right now with solid job growth and that offer a smoother path to homeownership.” The top 10 metro areas NAR identified were chosen for their aboveaverage share of current millennial residents and recent movers, favorable employment opportunities and relatively low qualifying incomes needed to purchase a home. They are: • Austin, Texas • Charleston, South Carolina • Denver • Minneapolis, Minnesota • Ogden, Utah • Portland, Oregon • Raleigh, North Carolina • Salt Lake City • Seattle • Washington, D.C. According to Yun, during the early stages of the economic recovery some of the largest metro areas – such as New York and parts of California – were attractive to millennials for their strong job markets, but their higher costs of living made it difficult to buy. Now that many more affordable, middle-tier cities have mostly recovered from the downturn and are once again experiencing robust job growth, millennials moving to some of these cities will likely realize they’re earning enough to purchase their first home. “An overwhelming majority of young renters recently said they eventually want to buy a home,” added Yun. “As long as new and existinghome supply keeps up to meet demand and holds prices from rising too quickly, these identified areas are poised to lead the way in helping millennials realize their American Dream of becoming a homeowner.” Austin, Texas
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