With demand for more space being met with a lack of affordable housing inventory, Americans are scouring the market for areas where they can get more home for their money.
Many of these Zips are starter-home neighborhoods in metros where homes are larger. The three hottest Zips where buyers get the most bang for their buck are: West Irondequoit at $118 per square foot; Lincoln Village at $146 per square foot; and Farmington at $159 per square foot. In seven Zip codes, home prices are 27.6%, or $106,000, lower than June’s national price.
The remaining Zips are in relatively less dense secondary metros, with populations under 3 million. Overall, this year’s top 10 Zips are an average of 16 miles, or 21 minutes, from the downtown areas of the surrounding metros. While most of the hottest Zips don’t offer a robust city life, they do offer strong job markets where younger residents are gaining ground. In fact, the median household income for Millennials aged 25 to 34 in the hottest Zips is $71,127, which is 6.
Synthetic housing market, can’t wait till this bubble bursts