High-income millennials are driving hottest zip codes

by Steve Randall26 Sep 2018

The ten hottest zip codes have been named, revealing high demand, fast sales, and buyers with higher incomes and strong credit scores.

The markets are also relatively affordable, generally more so than their surrounding areas. Five of the top 10 ZIPs have median listing prices that are lower than the U.S. overall and eight have prices that are lower than their respective metro and county areas.

The Hottest Zip Codes in America from realtor.com are led by Kentwood, Michigan (49508) which is a new entry to the list in 2018. Homes in Kentwood sell in 14 days, 52 days faster than the rest of the US and have a median list price of $193,168, up 9.5% over last year. Prices in 49508 are 33% lower than the surrounding county.

Household incomes in 8 of the 10 markets are greater than the $61,000 national median. Across the 10, the average household income is $83,000.

Millennials in these markets are also outpacing the median household income: $78,000 for 25-34 year olds vs. the $60,000 national median.

Millennials take largest share of mortgage originations
Mortgage originations in nine of the top 10 counties are dominated by millennials, with 34% of originations while the next largest group (35 to 44 year olds) take a 31% share.

"When it comes to choosing a home of their own, millennials are looking for opportunity and they're finding it in affordable suburbs," said Danielle Hale, chief economist for realtor.com®. "These hot housing markets are attracting the attention of hard-working, high-earning 25-to-34-year-olds who are drawn by their relative affordability, strong local economies, and outdoor and cultural amenities."

The homebuyers in the counties where these ZIPs are located have an average FICO score of 729, higher than the national average of 720.

Homes in the ten markets also sold in just 20 days, 46 days faster than the rest of the country, 25 days faster than their respective metro areas, and 18 days faster than their respective counties.

Realtor.com®'s 2018 Top 10 Hottest ZIP Codes

#1: Kentwood, Mich. 49508

#6: Boise, Idaho 83704

#2: Colorado Springs, Colo. 80922

#7: Worthington, Ohio 43085

#3: Watauga, Texas 76148

#8: Overland Park, Kan. 66210

#4: Castro Valley, Calif. 94546

#9: Rochester, N.Y. 14624

#5: Peabody, Mass. 01960

#10 Upper Montclair, N.J. 07043

 


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