According to the latest from Realtor.com, high job growth is making LA a magnet for Millennials. Not only is Los Angeles a hub for creatives and aspiring actors, the area is most recently a hub for the tech industry. Dubbed Silicon Beach, the Westside region of LA is home to over 500 tech startup companies, including Snapchat, virtual reality leader Oculus and more.
If you take a look at our Los Angeles County Real Estate Market Update, you will see that the median sale price for the county was $650,000 in July 2017. While the percentage of income needed to purchase a home is 64%, the low unemployment rate (4.7%) is what brings in the Millennials. Check the full market report for details on where inventory is growing, prices are dropping, and more statistics.
What other cities are attracting Millennials on today's market? This infographic from CAR outlines the top 10 cities based on high job growth, and in some cases the power of home affordability.