Having a wedding and buying a house: two of the biggest moments, with two of the biggest price tags in adult life. But lately, it seems the word “and” is being replaced with the word “or”, at least according to this REALTOR Magazine article!
82% of unmarried people surveyed said they’d rather skip the formal “I do’s” and spend their money on a house instead. That’s a mind-blowing percentage. Is it reality? Probably not. These were unmarried people who were surveyed, and only time will tell if they do actually opt to skip the wedding and invest that money in a house.
But it certainly makes you stop and think…
Ideally, most people would probably prefer to do both. But weddings aren’t cheap! The average cost of a wedding was $22,500 in 2021. But that’s a deal, mainly due to the pandemic affecting the wedding industry. From 2015 to 2018 the average cost was right around $33,000, which is probably where it’ll bounce back to (or higher) once COVID has exited the scene for good.
That’s a pretty hefty chunk of change to drop for a single day. Sure, it’s traditional, and it creates memories that’ll last a lifetime, but it’s still a lot of dough for what amounts to a bunch of people getting together for a ceremony, some food, drinks, and music.
On the other hand, that’s a solid downpayment for a place you can call home for years to come, which will most likely appreciate in value. Let’s just round the $33,000 average wedding cost to an even $30,000 for easier math…
That equates to a downpayment of:
20% on $150K house
10% on $300K house
5% on $600K house
Of course you’ll still have to pay the mortgage on that house on a monthly basis, but you have to pay to live somewhere, so it may as well be something you’re accruing equity in.
This isn’t to say it’s an “either / or” decision for everybody; if you can do both, that’s fantastic!
But if you can’t do both, and are wrestling with whether it makes sense (or is just plain acceptable) to forgo a wedding and buy a house instead, it sounds like you’re in good company. So, feel free to pare down your nuptials and invest your money in a home instead! It may not be a decision people have always made in the past, but data indicates it could easily become a trend in the very near future.
Let’s get started on your home search! Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside HanleyHomeTeam.com 904-515-2479 Team@HanleyHomeTeam.com
Top 10 Housing Markets For Every Generation in 2022
Alexandria Quintana January 20, 2022
2021 was an unprecedented year for the housing market, leaving many buyers still actively looking for their dream home. We at Knock wanted to provide our outlook on the top 10 housing markets in 2022 for each generation that will provide affordability and availability of homes for buyers in the metros best suited for their stage of life.
Our analysis found that out of the top 100 MSA’s, the metros selected for the millennial, Gen X, and baby boomer generations shared distinct commonalities across that age group that highlights their unique preferences:
Millennials
Considering that 82% of younger millennials and 48% of older millennials are first-time homebuyers, more affordable and less competitive metros position this generation with higher odds at landing a home.1 Our data shows that top millennial metros boasted affordability and availability of homes, above-average employment levels in the tech, finance, and healthcare industries, as well as high population shares of millennials, and strong year over year population growth of the generation.2
Gen X
Statistically, at the height of their career and most likely to have school-aged children, top Gen X metros tend to lean on the pricier side, where there are strong levels of management positions across industries, top-rated school systems, and larger homes on average.
Baby Boomers
A generation that is most likely approaching or enjoying retirement, their top metros have move-down appeal from costlier locales, as well as lower tax rates, ample access to primary care, largely moderate climates, and low crime surroundings.
A National Look at 2022
Overall, in the next year as interest rates rise, we anticipate median sale price growth to moderate significantly across the country at less than half of the growth rate experienced in 2021. However, due to pent-up demand, we will continue to see constrained supply resulting in lower days on market and months of supply.
2022 National Forecast
Metrics
Average 2021
Average 2022
YOY Change
Median Sales Price
$369,413
$399,484
8%
Sales Price YOY
18%
8%
-10%
Median Days on Market
22
20
-9%
Months of Supply
2.38
2.14
-11%
Furthermore, our data shows that housing prices will fluctuate at varying levels across the country. In 2022, we anticipate the Northeast to have the lowest levels of median sale price increases as more Midwest and Southern markets provide higher levels of affordability, and lower cost of living for all generations, while secondary markets in the West continue to attract transplants from higher-cost metros in the region:
2022 Regional Forecast
Region
Median Sales Price
Sales Price YOY
Median Days on Market
Months of Supply
Northeast
$335,406
7%
27
2.60
Midwest
$282,835
9%
22
2.28
West
$668,123
11%
20
1.80
South
$341,180
13%
29
2.23
Our analysis denotes 10 top markets for each generation that boast affordability and availability of homes in areas best suited for each generation:
Knock’s 2022 Top 10 Housing Markets for Millennials
The largest contingent of homebuyers, the millennial generation, spans 15 years, with the youngest 25 years old and the oldest having celebrated their 40th birthday in 2021. Migrational trends show that as millennials grapple with affordability amidst soaring home prices, many have spread their wings to smaller metros for a shot at homeownership. When compared to the 100 largest metros, the 2022 top millennial markets are 11% more affordable and offer 19% more homes for sale on average. In these metros, millennials make up 20-25% of the population on average. They also attract an average of 90% more inbound millennials year over year than the largest 100 metros and have 1.17 times the national average concentration of jobs in the tech, finance, and health industries.See Millennial housing markets
Knock’s 2022 Top 10 Housing Markets for Gen X
Aged 41 to 56, Gen Xers are statistically at the top of their careers and most likely to have school-aged children. The best markets for Generation X tend to skew pricier, but still offer relative affordability, available inventory, space without sacrificing career opportunities, good schools, an abundance of green space and family-friendly activities. In 2021, the median home in the best Gen X markets was 17% more expensive than the U.S. median-priced home, but offered relative affordability compared to New York, San Francisco and Seattle. Homes in these markets provide 150 more square feet than the national average. These markets also have strong job markets with a diverse employer base, 1.2 times more managerial positions than the national average and a larger than average number of highly ranked school systems.See Gen X housing markets
Knock’s 2022 Top 10 Housing Markets for Baby Boomers
Baby boomers, the generation born between 1946 and 1964, have handed in their resignations in record numbers since the start of the pandemic, providing the freedom to cash in on the equity they’ve amassed in their homes. The markets on this year’s list offer retirees affordability and tax-friendly advantages that allow them to stretch their dollar further as well as access to good healthcare, strong diverse economies with part-time employment opportunities, culture and recreational activities. Nine of the 10 metros are college towns, affording the opportunity for boomers to continue their education. On average, residents pay 75% less in sales, property and inheritance taxes than the national average. They also have access to 35% more primary care physicians per 100,000 residents than the nation’s 100 largest metros and thousands of active adult communities.See Baby Boomer housing markets
Knock’s 2022 Top 10 Housing Markets for Millennials
1. Austin, Texas
Forecasted 2022 Median Sale Price: $519,005
Forecasted 2022 Median Sale Price Change: 15%
Forecasted 2022 Months of Supply: 2.6
It’s no surprise that Austin ranks as the No.1 metro on this year’s list of top millennial markets. The market boasts 40 times more inbound millennials on average than the other 100 largest metros. Austin increasingly has been noted for its growing tech industry, with over double the national average of tech jobs. Although home prices grew more than 30% in 2021, it continues to be more affordable than Silicon Valley and other major tech hubs. Home to the University of Texas, Austin offers a vibrant downtown with live music, bars, restaurants, festivals, and outdoor activities, making it a great place to both work and live.
2. Des Moines, Iowa
Forecasted 2022 Median Sale Price: $267,060
Forecasted 2022 Median Sale Price Change: 8%
Forecasted 2022 Months of Supply: 2.3
Iowa’s capital city and home to a number of financial services companies, including Wells Fargo, Principal and Nationwide, and a growing tech industry, Des Moines is drawing nearly 15% more millennials on average each year than the 100 largest metros. It also is growing in popularity as a potential innovation hub. In 2021, the median-priced home in Des Moines was $249,059, $120,000 below the U.S. median home price. Des Moines was named a Top 10 Best Place for Business and Careers by Forbes in 2019, the No. 5 Best Place to Live in the U.S. by U.S. News & World Report in 2020 and the No. 1 Best Place to Live in the Midwest for High Salaries and Low Cost of Living by The Ascent in 2021.
3. Charleston, South Carolina
Forecasted 2022 Median Sale Price: $368,613
Forecasted 2022 Median Sale Price Change: 6%
Forecasted 2022 Months of Supply: 2.6
Offering the charm of a harborside city with cobblestone streets, warm sandy beaches, parks and a quaint downtown area with bars, restaurants and coffee shops, Charleston is a popular tourist destination. It also is routinely included on lists of the “next Silicon Valleys” and has emerged as a desirable location for a wide range of technology-based companies, making it a millennial magnet. Charleston’s low cost of living also makes it a great place for those who have the flexibility to work remotely. With the second-highest number of homes for sale out of all of the top 10 millennial metros, Charleston not only offers affordability but a better chance to find a home.
4. San Antonio, Texas
Forecasted 2022 Median Sale Price: $326,994
Forecasted 2022 Median Sale Price Change: 15%
Forecasted 2022 Months of Supply: 2.2
Home to the Riverwalk and the Alamo, San Antonio has an active downtown area with boat rides and many bars and restaurants lining its miles of pedestrian-friendly streets. It also has an above-average concentration of tech and healthcare jobs and boasts a top 5 tech salary out of the 100 metros at $101,540, surpassing Austin. With the typical San Antonio home selling for nearly $200,000 less than a comparable home in Austin and a strong job market, San Antonio is becoming a more affordable alternative, attracting over 7,000 movers from the Austin area to San Antonio in 2019.
5. Atlanta, Georgia
Forecasted 2022 Median Sale Price: $372,457
Forecasted 2022 Median Sale Price Change: 16%
Forecasted 2022 Months of Supply: 1.9
The capital of Georgia and the nation’s ninth-largest housing market, Atlanta has a diverse job market, including a higher than an average number of tech, finance and healthcare employers, and is home to big companies such as Coca-Cola, The Home Depot, and UPS. The area has been noted as one with the best value, offering its residents a median sale price that is 25% lower than the nation’s top 10 metros and homes that are nearly 400 square feet larger on average. With its affordability, nightlife, entertainment, major league sports as well as outdoor activities, it is no wonder the metro is attracting over 4,000 millennial transplants year over year.
6. Providence, Rhode Island
Forecasted 2022 Median Sale Price: $408,190
Forecasted 2022 Median Sale Price Change: 13%
Forecasted 2022 Months of Supply: 2.6
Just one hour from Boston, the median home price in Providence is nearly $250,000 less than a similar home in the nearby metro and also has more available homes for sale. Providence has a thriving economy of its own, averaging more tech and healthcare jobs than the 100 largest metros and commensurate salaries to those found in Boston. It also is home to a number of universities, including Brown University, University of Rhode Island, and the Rhode Island School of Design. Downtown Providence has a quaint boutique-style array of bars, restaurants, and shopping.
7. St. Louis, Missouri
Forecasted 2022 Median Sale Price: $236,620
Forecasted 2022 Median Sale Price Change: 7%
Forecasted 2022 Months of Supply: 1.5
With a 2021 median home price of $221,315, St. Louis is the most affordable of Knock’s best markets for millennials. It offers a strong job market with an above-average concentration of finance, tech, and healthcare employers. Major employers include Edward Jones, Centene, Square, and Anheuser-Busch. Rated one of the top 10 walkable metros in the country, St. Louis is home to the iconic Gateway Arch, a large blues music scene, major universities, and several major league sports teams.
8. Winston-Salem, North Carolina
Forecasted 2022 Median Sale Price: $249,840
Forecasted 2022 Median Sale Price Change: 11%
Forecasted 2022 Months of Supply: 2.1
Winston-Salem is a Southern city with international appeal. It is part of the research hub triad that also includes Greensboro and High Point, home to a collective of innovations in research, testing, and medical laboratories. With a 2021 median home price of $225,968, Winston-Salem is the second most affordable metro for millennials at 43% below the national median sale price. Residents often refer to the area as a blend of hip and historic, where you can enjoy restaurants, brew pubs, wineries, international film festivals, heirloom gardens, and outdoor activities, including hiking trails.
9. Charlotte, North Carolina
Forecasted 2022 Median Sale Price: $378,330
Forecasted 2022 Median Sale Price Change: 11%
Forecasted 2022 Months of Supply: 1.8
Charlotte has seen a steady influx of millennials, with the most recent year-over-year increase attracting six times the inbound rate compared to the 100 metro average. A business and financial hub, as well as a university town, the state’s largest city, offers a strong job market overall, higher than average employment opportunities in the tech and finance industries, good weather, and quality of life. Charlotte is home to big companies like Bank of America, Lowe’s, and Honeywell as well as the NFL’s Carolina Panthers, the NBA’s Charlotte Hornets, and the NASCAR Hall of Fame. It also has a dynamic culinary scene, historical architecture, parks, and museums.
10. Spokane, Washington
Forecasted 2022 Median Sale Price: $426,584
Forecasted 2022 Median Sale Price Change: 13%
Forecasted 2022 Months of Supply: 1.8
The only top millennial market located in the West, Spokane provides more affordability and inventory than nearby Seattle and Portland, making it an attractive option for those looking to escape large urban metros. Spokane offers a small-town atmosphere with the advantage of a vibrant downtown featuring big-city amenities, including a wide variety of restaurants, entertainment, breweries, and wineries. With the Spokane River running through downtown and easy access to numerous lakes, ski resorts, mountains, and bike paths, Spokane lives up to its motto: “Near Nature, Near Perfect.”
Knock’s 2022 Top 10 Housing Markets for Gen X
1. Miami, Florida
Forecasted 2022 Median Sale Price: $441,093
Forecasted 2022 Median Sale Price Change: 11%
Forecasted 2022 Months of Supply: 4.3
Miami’s status as an international business hub, with family-friendly attributes and availability of homes for sale, pushes it to the top of Knock’s list of best Gen X markets. Miami offers warm weather year-round, top-notch schools, world-class beaches, an abundance of culture, more than 800 parks and no state income tax. Ranked as the 10th best metro for managerial positions in the U.S., Royal Caribbean Cruises, Ryder Systems and Office Depot are among the U.S. companies headquartered in Miami. Due to its proximity, it also serves as the Latin American headquarters for more than 1,100 multinational corporations, including Disney, Sony, Visa International and Wal-Mart.
2. Austin, Texas
Forecasted 2022 Median Sale Price: $519,005
Forecasted 2022 Median Sale Price Change: 15%
Forecasted 2022 Months of Supply: 2.6
Knock’s top pick for millennials comes in at the No. 2 spot for Gen X. Offering more managerial positions than the national average, Austin is more than a millennial town. While many are attracted to the city during the early stage of their careers, it’s also a great place to raise a family and progress professionally. With more than a quarter of the state’s top-rated school districts, a world-class zoo, outdoor activities and museums, there’s much to do outside of the bars and restaurants in the downtown area. In addition to its large base of tech companies, Austin serves as the corporate or regional headquarters for Indeed, Whole Foods, Charles Schwab and General Motors.
3. Knoxville, Tennessee
Forecasted 2022 Median Sale Price: $317,953
Forecasted 2022 Median Sale Price Change: 16%
Forecasted 2022 Months of Supply: 2.5
Knoxville offers the best of both worlds for professionals looking for career opportunities and quality of life for their families. Situated on the Tennessee River, Knoxville boasts many big-city amenities, including bars, breweries, live music venues, and museums. Although its managerial salaries fall below the national average, it ranks as one of the top 100 cities for the lowest cost of living. The metro is a prime location for outdoor enthusiasts with five state parks and a 500,000-acre national park all nearby, offering lakes, hiking trails, fishing, and caverns for exploring. It’s also home to the SEC-affiliated University of Tennessee. Knoxville has been ranked as one of the best cities for jobs and the suburban school districts are among the best in the state.
4. Portland, Oregon
Forecasted 2022 Median Sale Price: $540,878
Forecasted 2022 Median Sale Price Change: 9%
Forecasted 2022 Months of Supply: 1.6
Set along the Columbia River at the base of Mount Hood, Portland is a haven for outdoor enthusiasts offering four seasons of activities, including camping, hiking, biking, surfing, and skiing. Portland has become a destination for those looking to escape the high cost of living in California and Seattle. Its schools rank in the top 25% in the state and there are a number of family-friendly activities, including the zoo, local parks, and children’s theater companies. Major employers include Intel, Nike, and U.S. Bank.
5. Boise, Idaho
Forecasted 2022 Median Sale Price: $521,259
Forecasted 2022 Median Sale Price Change: 14%
Forecasted 2022 Months of Supply: 2.4
A popular pre-pandemic relocation destination for Californians looking for quality of life and affordability, Boise has seen its popularity rise in the age of remote work. However, it is still relatively affordable compared to Silicon Valley and the costly coastal cities. A college town and the capital of Idaho, the Boise River dissects the city, which is surrounded by the Greenbelt, a 25-mile trail with paths for runners and cyclists as well as 850 acres of parks and a golf course. It also offers a bustling downtown and easy access to hiking, rafting, and skiing. Major employers include Albertsons, Hewlett-Packard Co./HP Inc., Boise Cascade, and Micron Technology, Inc.
6. Omaha, Nebraska
Forecasted 2022 Median Sale Price: $267,767
Forecasted 2022 Median Sale Price Change: 7%
Forecasted 2022 Months of Supply: 1.6
Omaha is the most affordable of Knock’s best markets for Gen X. The metro ranks as one of the top places to raise a family in the U.S. due to its great schools, ease of commute, low crime rate, and attractions like the Omaha Children’s Museum and Henry Doorly Zoo & Aquarium. Famous for its steaks and burgers, the metro has developed a foodie scene with chefs from Los Angeles and New York opening their doors. The city Warren Buffett calls home is considered one of the most recession-proof in the U.S. In addition to Buffett’s Berkshire Hathaway, Omaha has four other Fortune 500 companies – ConAgra Brands, Union Pacific, Kiewit, and Mutual of Omaha.
7. Raleigh, North Carolina
Forecasted 2022 Median Sale Price: $424,684
Forecasted 2022 Median Sale Price Change: 18%
Forecasted 2022 Months of Supply: 1.8
Although home prices have risen in recent years, Raleigh remains affordable compared to other large metros. A large city with small-town charm, it offers good schools and low crime levels. Raleigh is also home to three elite universities – North Carolina State University, the University of North Carolina at Chapel Hill, and Duke – and the largest research park in the U.S. It’s ranked as one of the best tech and medical cities in the world. This, along with an abundance of cultural and outdoor activities, such as the Neuse River Greenway Trail and close proximity to the mountains and beaches, makes Raleigh a desirable location to raise a family.
8. Phoenix, Arizona
Forecasted 2022 Median Sale Price: $469,542
Forecasted 2022 Median Sale Price Change: 19%
Forecasted 2022 Months of Supply: 1.9
Known as a haven for snowbirds, Phoenix also ranks as one of the best markets for those in the prime of their career. Although home prices have risen in recent years, it remains an affordable alternative to high-cost California metros. Phoenix sees more sunshine than any other metro in the country and is home to more than 200 golf courses. It’s also ranked as the nation’s best hiking city. In addition to the great outdoors, residents can enjoy Spring Training, all four major professional sports leagues, and numerous cultural events, such as the ballet, symphony, and theater. Phoenix is headquarters to five Fortune 500 companies: Freeport McMoRan, PetSmart, Avnet, Republic Services, and Insight Enterprises.
9. Salt Lake City, Utah
Forecasted 2022 Median Sale Price: $526,447
Forecasted 2022 Median Sale Price Change: 16%
Forecasted 2022 Months of Supply: 0.8
The capital of Utah, Salt Lake City’s relatively low cost of living and good schools have made it an attractive alternative for those looking to escape higher-priced urban metros, especially during the pandemic. It is close to some of the best skiing, hiking, and fishing in the country with miles of hiking trails within the city limits,11 nearby ski resorts, and five national parks within a four-hour drive. Salt Lake City offers 1.4 times more managerial positions than the rest of the country, and a growing tech hub nicknamed Silicon Slopes, where Adobe, eBay, Microsoft, and Oracle all have a presence. Major non-tech employers include Zions Bancorporation, Overstock, and Resource Management.
10. Boston, Massachusetts
Forecasted 2022 Median Sale Price: $637,344
Forecasted 2022 Median Sale Price Change: 6%
Forecasted 2022 Months of Supply: 2.3
The most costly of the best Gen X markets, Boston offers professional opportunities that come from being a financial services, healthcare, and tech hub, the quaintness of a small town, and all of the amenities of a big city. The metro ranks No. 1 when it comes to managerial opportunities with an average salary near $150,000. Bain Capital, BBN Technologies, Bose, Samuel Adams, and Fidelity Investments are several of the companies with headquarters in Boston. It is home to a number of world-class universities, including MIT, Harvard, and Boston University. Its surrounding suburbs with highly ranked school districts provide families with green space and close proximity to the city’s rich culture, history, and beloved major league sports teams.
Knock’s 2022 Top 10 Housing Markets for Baby Boomers
1. Pittsburgh, Pennsylvania
Forecasted 2022 Median Sale Price: $222,491
Forecasted 2022 Median Sale Price Change: 5%
Forecasted 2022 Months of Supply: 3.8
Pittsburgh does not fit the stereotypical retirement destination. However, the former industrial town with bitterly cold winters tops Knock’s list for baby boomers for good reason, including its number of active retirement communities. Pittsburgh offers ample, inexpensive housing options and a lower cost of living than other major metros, one of the best healthcare systems in the country, and tax advantages. It also blends the best of small-town friendliness with the benefits of big-city living, including lush botanic gardens, 400 miles of trails, a vibrant cultural scene with renowned theater and museums, and a burgeoning food landscape. The metro is home to 34 colleges and universities, including Carnegie Mellon University and the University of Pittsburgh.
2. Lansing, Michigan
Forecasted 2022 Median Sale Price: $187,095
Forecasted 2022 Median Sale Price Change: 7%
Forecasted 2022 Months of Supply: 2.4
Lansing is Michigan’s capital and home to Michigan State University. The metro’s cost of living is 57% lower than the national average and its cost of housing is 53% lower. It also ranks among the best cities in the country for healthcare. Outdoor enthusiasts have a number of options – the Lansing River Trail with more than 20 miles of pathways for bicycling and walking, Mt. Brighton for skiing, and Crego Park for fishing, kayaking, and canoeing. Summers are packed with festivals and art fairs. Michigan State offers jazz concerts, classical music recitals, dance, and theater performances throughout the school year, and the vibrant downtown is filled with unique boutiques, galleries, restaurants, and breweries.
3. Knoxville, Tennessee
Forecasted 2022 Median Sale Price: $317,953
Forecasted 2022 Median Sale Price Change: 16%
Forecasted 2022 Months of Supply: 2.5
Knoxville is not only a great place to raise a family, it’s also a good location to retire. In addition to its low cost of living, Knoxville affords all of the amenities of a big city along with no state or local income tax, access to quality healthcare, cultural and outdoor activities. Residents can cheer on the University of Tennessee Volunteers or the city’s minor league baseball and hockey teams, take in the symphony, or browse the many shops in downtown Knoxville. There are 25 golf courses within 20 minutes of the city, while Cumberland Gap National Historical Park and the Great Smoky Mountains National Park are both within a 90-minute drive for those who enjoy hiking.
4. New Orleans, Louisiana
Forecasted 2022 Median Sale Price: $276,931
Forecasted 2022 Median Sale Price Change: 3%
Forecasted 2022 Months of Supply: 2.5
One of the most vibrant cities in the South and home to Tulane University, New Orleans ranks high for baby boomers based on its lower cost of living, quality healthcare, and tax-friendly policies. In addition to its amazing architecture, historic homes, galleries, and shops in the French Quarter and Bourbon Street bars, locals enjoy the city’s walkability, professional sports teams, museums, live music, and many festivals, including the annual Jazz & Heritage Festival and Wine & Food Experience, museums and pro sports. Seniors can also take advantage of the highly-rated programs and services offered by the New Orleans Council on Aging.
5. Birmingham, Alabama
Forecasted 2022 Median Sale Price: $273,281
Forecasted 2022 Median Sale Price Change: 7%
Forecasted 2022 Months of Supply: 2.4
Locals have long considered Birmingham the best-kept secret in the South, and recently it’s become one of the hottest markets for people of all ages looking for affordability and quality of life. In fact, Alabama ranked No. 6 for inbound movers in 2021, with nearly half of its transplants aged 55 and above, most likely due to its low taxes, especially for retirees. The city’s strong job market has fueled an increase in dining options, entertainment, sports, and cultural activities. Its mild winters and Red Mountain Park, a 1,200-acre public space that’s larger than New York’s Central Park, make it easy to spend time outside. Nearby Ruffner Mountain and Oak Mountain State Park offer beautiful views, hiking trails, and lakes for swimming, fishing, or canoeing.
6. Augusta, Georgia
Forecasted 2022 Median Sale Price: $256,533
Forecasted 2022 Median Sale Price Change: 7%
Forecasted 2022 Months of Supply: 2.4
Home to the Masters golf tournament, Georgia’s second-largest metropolitan area offers retirees warm weather, a low cost of living, and the state’s tax-friendly policies, including no tax on retirement benefits. Its residents also have access to a thriving culinary scene, a revitalized downtown, and a wide range of outdoor activities. The Augusta Riverwalk runs along the Savannah River where the farmers market and jazz concerts take place during the warmer months. Phinizy Swamp Wildlife Management Area offers hunting and fishing and Clarks Hill Lake boasts 1,000 miles of shoreline for boating, water skiing, swimming, and hiking. Augusta University provides free classes for residents aged 62 or older, and its healthcare network includes doctors who focus on geriatrics and senior health.
7. Greenville, South Carolina
Forecasted 2022 Median Sale Price: $301,455
Forecasted 2022 Median Sale Price Change: 14%
Forecasted 2022 Months of Supply: 2.7
Greenville’s mild winters, low cost of living, access to low-cost healthcare along with a thriving cultural and food scene makes the metro an excellent choice for retirees. Seniors can take advantage of the state’s free tuition program at the University of South Carolina and also benefit from friendly social security, retirement, and property tax policies. The Greenville metro offers a wide variety of housing choices, including many options in the city’s redeveloped downtown, which includes Main Street, a 10-block stretch that features many boutiques, restaurants, and year-round festivals. There are also miles of bike paths that run through the heart of downtown and Falls Park on the Reedy with gardens and waterfalls and a performing arts center that includes a 2,100-seat concert hall and smaller theater.
8. Palm Bay, Florida
Forecasted 2022 Median Sale Price: $336,754
Forecasted 2022 Median Sale Price Change: 16%
Forecasted 2022 Months of Supply: 3.0
Known as the Bass Fishing Capital of the World, Palm Bay is located on Florida’s Atlantic coast about an hour southeast of Orlando. Its median home price is 9% below the national median and its cost of living is 29% below the national average. Like the rest of the state, Palm Bay offers its residents the advantage of no state, estate, and inheritance taxes. A short drive to the beaches in Melbourne and Kennedy Space Center, Palm Bay residents have access to several golf courses and 29 parks for hiking, biking, boating, fishing, and paddle boarding. World-class bass fishing takes place at Stick Marsh, and Turkey Creek Sanctuary offers 130-acres of trails and bird-watching.
9. Jacksonville, Florida
Forecasted 2022 Median Sale Price: $351,900
Forecasted 2022 Median Sale Price Change: 18%
Forecasted 2022 Months of Supply: 2.1
For seniors looking for the tax advantages Florida offers its residents along with affordability and safety, Jacksonville is a prime location. It is full of restaurants, cultural and outdoor activities and its cost of living is 5% lower than the Florida average. Fort Caroline National Memorial Park provides a breathtaking view of St. John’s River and trails for hiking. The city has a number of parks for hiking and biking. It also is home to four main beaches, which offer everything from a place to relax to surfing and fishing. In addition to a number of events throughout the year, there’s high-end shopping, restaurants, and a thriving art scene along with live theater and professional sports, including the NFL’s Jacksonville Jaguars and minor league baseball and hockey teams.
10. Tuscon, Arizona
Forecasted 2022 Median Sale Price: $350,503
Forecasted 2022 Median Sale Price Change: 17%
Forecasted 2022 Months of Supply: 2.6
A mid-size city with the feel of a small town and big-city amenities, Tucson offers sunshine and warmth, affordability, and no tax on Social Security benefits, making it a prime retirement location. In addition to its more than 400 golf courses and other outdoor activities, the nearby mountain ranges provide great views, especially at sunset. Tucson is a melting pot of cultures, which is reflected in its dining options. There’s also a number of malls, movie theaters, and art galleries to escape the extreme summer temperatures. Tucson is home to the University of Arizona and 10 active adult communities.
Methodology
Analysis was conducted on 100 of the United States’ top MSA areas by population size. In comparing affordability and supply metrics via Knock’s forecasting model by Joe Hutchings, and combining this data with each generation’s unique factors specific to their age group, selections were made for MSA’s best suited for each population:
When conducting analysis, the unique factor metrics were used to eliminate metros that fell below the 50th percentile for quantifiable factors:
Millennial metros were selected based on the millennial share of the population (US Census Bureau), the year over year influx of the population 25 – 40 (American Community Survey), and the average distribution of employment in the tech, finance and health industry compared to the national average (Burea of Labor Statistics).
Gen X metros were selected based on the Gen X share of the population (US Census Bureau), the average management employment distribution across all industries compared to the national average (Burea of Labor Statistics), the % of schools in the metro area that ranked in the state’s top 10% ( Public School Review), and the median home size (Realtor Data Center).
Baby boomer metros were selected based on the baby boomer share of the population (US Census Bureau), Primary care physicians per 100k residents (County Health Rankings via U of Wisconsin Population Health Institute), States that offer tax-friendly benefits for retirees (Smart Asset), diversified selection of climates with emphasis on warmer temperatures, and safety rankings (Niche.com crime ranking).
People often wonder if the “bubble” is going to burst, making home prices tumble.
Sellers worry because it could mean one of (if not the) biggest asset they own could take a beating. Buyers on the other hand hope for some glimmer of deals on the horizon, and maybe a little less competition in the market.
Well, according to a recent article from Yahoo, home prices will drop in the near future and “cause some pain.”
At face value, that sounds like good news for buyers, and painful news for sellers. But let’s unpack what’s being said in that article a little bit more thoroughly. Economist Robert Shiller is cited in the article saying:
Prices will eventually drop, and that “They’ll come back down, not overnight, but enough to cause some pain.” (Key words being “eventually” and “some”.)
He also stated that there’s no clear explanation for the “hot” market, but “expects it to continue for another year or two.”
Lastly, he said that the current market is different from the crisis that caused the last bubble: “So it’s not the same as 2003. It could be stronger. I think we have better protections, we have better supervision of lenders. So I don’t know if we should be worried about 2007, 2008, 2009 happening again.”
In a nutshell, he’s saying prices will eventually come down, but not for a while, and maybe not all that much.
So, how does this affect you, and what should you do?!
If you’re a homeowner who wants to sell your home and cash in on your equity for good (i.e. move in with family, to a retirement home, assisted living, or rent), you might want to consider selling in the next year or so, before a dip in prices may occur.
If you’re a homeowner and have no plans on moving in the near future, say 5-7 years, none of this matters really. Historically, prices go down and then back up and ultimately higher than before. So, no worries.
If you’re a buyer thinking about waiting for prices to drop, you may want to re-evaluate that approach. Rates are still historically low, and prices may not drop for another couple of years. And, when they do drop, who’s to say they won’t drop below the prices you’re seeing now? They could just drop to levels we haven’t even reached yet, but will see in 2022 or 2023.
Let’s get started NOW! Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside HanleyHomeTeam.com 904-515-2479 Team@HanleyHomeTeam.com
Buying a house was challenging for many buyers in 2021, but especially for first-time buyers. Competition and prices were high, and inventory was low, and while some predictions suggest things will loosen up a bit in 2022, buyers will still need to have an aggressive strategy heading into the new year.
According to this REALTOR Magazine article, first-time buyers are optimistic about their chances in 2022, and many are changing their strategies to increase their odds of success. The most notable changes in strategy were:
Making an offer within 48 hours of seeing a home
Offering above asking price
Being willing to compete in bidding wars
Going over their budget
Making offers on houses without even seeing them first
Making offers quickly, being willing to go above asking and compete in bidding wars are all advisable strategies in this market.
Going over budget on the other hand…well, that depends. If “going over budget” means still within their comfortable financial means, sure! If not, it’s a recipe for future struggle and financial trouble.
And making offers on houses without seeing them in person first isn’t the worst thing to do given technology, but it isn’t ideal.
What wasn’t on the list, and would likely make the biggest impact for first-time buyers, was to choose and work with a great real estate agent. Working with a trusted buyers’ agent can enhance any of the above strategies, if not make them unnecessary. Their awareness of the market, perspective, advice, connections, and negotiation skills can often give first-time buyers an edge, yet many first-time buyers don’t put a lot of emphasis on choosing and working with one.
So, if you’re a first-time buyer looking to edge out competition in 2022, by all means be prepared to do everything on the list other buyers are planning on. But, to truly tip the scales in your favor, make sure you’re teaming up with a buyers’ agent you connect well with and trust.
Need an experienced buyer agent? Give us a call – Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside HanleyHomeTeam.com 904-515-2479 Team@HanleyHomeTeam.com
The Hanley Home Team Blog 