As the years pass by, more and more millennials are becoming homeowners. Current moving trends in the United States suggest that Arizona, especially the Greater Phoenix metropolitan area, is one of the most popular places among Americans looking to relocate. Scottsdale is one of those cities in the valley that has become appealing to people from all over the US. But, the question is, are millennials buying property in Scottsdale? This age group often dictates the growth of many cities, so when a particular place becomes appealing to millennials, the potential is enormous. That's why our team has decided to analyze this topic. Throughout this article, we'll get into Scottsdale real estate and moving trends and see if millennials are interested in living here. Without further ado, let's take a look.
Scottsdale is one of the best US cities for millennials to live in
According to various studies, Scottsdale has become one of the best cities to live in for millennials. Of course, it is great for different age groups, and it has plenty to offer, regardless of the age of your family members. If you're wondering why millennials are particularly interested in Scottsdale, we should look at what the city offers regarding lifestyle. It simply has everything a young person needs. There are many places to go out, including bars, restaurants, nightclubs, or similar entertainment spots.
Scottsdale ranks very highly on the list of cities that are best-suited for millennials.
Of course, entertainment options are not enough to lead a fulfilling lifestyle exactly how you want it. However, before we jump into career opportunities and real estate, you should know that Scottsdale also has a lot of shopping centers, outdoor facilities for various activities, and festivals. The art scene is also very good, so there is no doubt that Scottsdale will suit you if you're a millennial.
The low cost of living is one of the main reasons why millennials are choosing Scottsdale
Before deciding to move to any city, you need to learn about the cost of living there. The economy in the United States and the world took a significant hit from the pandemic. This resulted in major relocations in the US, leading to big changes in real estate markets. People started looking for states with an affordable cost of living, and Arizona, with Scottsdale as one of its great cities, has become a desirable destination. One of the most critical cost of living aspects is housing. Don't rush since there'll be plenty of time to write a winning offer later. For now, let's see how much homes cost in Scottsdale.
Millennials buying property in Scottsdale has become common because many have moved to Arizona for cheaper housing and a lower cost of living.
There is a huge real estate demand among millennials in Scottsdale
Millennials buying property in Scottsdale is something that shouldn't surprise you. With great job opportunities, the amazing lifestyle the city offers, and the closeness to Phoenix, there is simply a huge demand among millennials for real estate in Scottsdale. As a result, prices jumped significantly, but they are still well within reach. Currently, the median home cost in Scottsdale is slightly less than $650,000. While that is much higher than the US average, it is still cheaper than in states and cities where most millennials come from. But why are millennials buying property instead of renting it? Not so long ago, millennials were more interested in renting than buying. However, sometimes, buying is more profitable than renting. That is the case with Scottsdale at the moment. For example, here are the average rent prices in the city:
- Studio apartment - $1,700
- 1-bedroom apartment - $1,950
- 2-bedroom apartment - $2,400
- 3-bedroom apartment - $3,700
- 4-bedroom apartment - $6,500
Millennials are tired of renting and moving around
With rents increasing all over the United States, people are, naturally, moving around even more and constantly looking out for cheaper real estate. This rhythm can take a toll on a person, so millennials want to settle down and purchase their own property. And with reasonable real estate prices, Phoenix metro area and Scottsdale was the obvious choice.
Millennials from which states are buying property in Scottsdale the most?
We already mentioned that Arizona appeals to people from the most expensive states and cities. So, this is where the majority of millennials are coming from. And therefore, they are the ones who are buying property in Scottsdale. For example, New York City is one of those places people, especially millennials, are fleeing due to sky-rocketing prices. The cost of living in NYC is enormous, and many can't afford this. As a result, they're looking at other states with a reasonable or cheap cost of living, and Arizona seems like a great option. Also, Scottsdale offers a great lifestyle, with entertainment and employment options comparable to big cities like NYC.
Young people are fleeing cities like LA, NYC, San Francisco, and Seattle, due to their enormous costs of living.
However, due to the considerable distance, relocations from NYC to Scottsdale aren't that numerous. In fact, with California just around the corner, it's obvious among which state's residents is Arizona the most popular. Arizona welcomes more than 50,000 people from the Golden State every year. The Phoenix metro area is, of course, the most popular location in the Grand Canyon State, so no wonder why we see so many Californians moving to Scottsdale. Millennials are the dominant group among these movers. They're escaping from huge housing prices and living costs in cities like LA, San Francisco, and even San Diego. Scottsdale offers them everything they're looking for at a significantly lower price. Plus, the distance isn't too big. Scottsdale is 373 miles away from San Diego and 387 miles away from the City of Angels.
Are millennials buying property in Scottsdale? The answer is, absolutely yes!
With so many great things the city offers for young people, seeing so many millennials buying property in Scottsdale is perfectly natural. Especially considering that many of them come from the more expensive neighboring state, California. Despite the distance, many of them are also from Washington, Colorado, and even New York. Moving to Scottsdale is something you won't regret if you're a millennial. We hope you have enjoyed this article, and if you decide to give Scottsdale a chance, we wish you a safe relocation!
Joshua Wallace is a content writer working for various companies. Since he's already had experience in real estate, Joshua often covers news regarding home investments and renovations. He is a data enthusiast, so he frequently analyzes the economy and housing market trends.Posted by Joshua Wallace on