A recent report from Trulia questions the effect of your neighbors’ age on local home price and home buying opportunities. The report states that studying the ages of the people surrounding your neighborhood—or your perspective neighborhood—can give you a sense of affordability due to one impactful factor: jobs, and the young professionals who are chasing them.
“This is where age enters the picture,” the report states. “The majority of the population in growing, high-industry areas are 20- to 64-years-old. The places that have been abandoned by outmigration—so much so that they will pay you to move there—tend to skew 65 and older.” This is showing researchers that prices are skyrocketing in locations where the young and hopeful flock, and that affordable housing may prove to be more feasible where the elder nest.
Analysing the top 100 metros in the country shows that the three counties with the highest “working-age population” are home to some of the most popular professions, and the most difficult to find housing.
Arlington and Alexandria, Virginia are two of the most popular counties for homeowners commuting to Washington, D.C., with housing demand and home values far exceeding the median. Arlington alone shows a home value median of $672,700, as opposed to the national average of $217,300.
Next in line comes San Fransisco, California, at no one's surprise. Due to the high numbers of tech workers in the area, and the largest population “in their wage-earning prime,” the median home value for Silicon Valley is a whopping $1,359,000.
On the other side of the spectrum and the country, Baltimore, Maryland, offers monetary incentives in order to draw residents back into the city. For homeowners looking to place new roots, the grass may be greener for their prospects in locations with populations under 20 and over 64 years of age.
To read the full report, click here.