WHERE ARE ALL THESE PEOPLE COMING FROM?!
I am asked this question often. The answer: well, everywhere – literally. Everywhere from all over the U.S. and even the world. I believe the more pertinent question though is: “WHY are all these people coming here???”
There are probably an infinite number of answers to that question. There’s no doubt the continual sets of “Best of” lists that Chattanooga keeps popping up on (#3 on Lonely Planet’s Best of the U.S. 2018) has certainly helped raise the city’s national profile. National attention is one thing, but converting that conversation from “let’s go visit” to “let’s make this home” is a significant leap.
A recent study published on SmartAsset.com (and covered in the TFP) found that in the last 10 years only 18 of the largest 200 cities across the United States grew in homeownership of people under age 35. Even more, the major cities of the U.S. performed very poorly for this segment of the population. This is not surprising of course, given the outrageous entry point for purchasing a home in say, San Francisco, combined with what I see everyday – the young eager home buyer saddled with debt (mostly student loans). This is a depressing scenario for many younger entrants to the home buying market.
However, the good news (and part of the answer to our question) is that Chattanooga made the elite list of growing markets for younger homebuyers. Sure, they do like to rent for awhile at first while scoping out the scene and ensuring the fit, but I find converting Renters to Buyers in Chattanooga is a breeze. Yes, your $1,200/month of rent converted to a $1,200/month mortgage will buy you a pretty sweet place! Combining that with many city incentives and first-time homebuyer programs – the place basically sells itself! Do I even need to mention the quality of life tradeoff from living 45 minutes (on a good day) on the outskirts of a major city to being within 15 minutes of anywhere??
If you fit into this underserved population and are excited (or even just curious) about the incredible opportunities to be a homeowner in the Chattanooga area give me a call. I’d love to help you become a part of the next 10 years of Millennial home-ownership in this growing city!
Check out their findings and the other growing “Millennial Cities” at: Where Are Millennials Buying Homes 2018 Edition.