As millennials reach the age of homeownership, they have replaced Baby Boomers as the largest population group in America. Builders are aware of this, and are doing everything they can to woo millennial buyers. To give builders a new dashboard of market opportunity and challenge, Corelogic staffer Bret Fortenberry dives into the geography of millennial buying, and highlights 10 county-level markets where millennials are most likely to purchase a home. Fortenberry writes,
"Millennials are more likely to purchase homes in the middle of the U.S. where home prices are more affordable rather than along the coasts where homes prices are higher. The amount that millennials make is not as much of a factor as the affordability of the housing market. This is most likely due to the higher percentage of millennial first-time buyers with limited equity for the down payment. The top ten counties have a higher mean millennial income level compared to counties with comparable housing markets. Additionally, the top ten counties contain mortgages in which the borrower has a higher front-end ratio, which highlights affordability as the driving factor for millennials."