As we hit mid-summer, people all over the country are throwing on masks and visiting open houses two at a time, in order to maintain social distancing measures. Despite the COVID panic, the reality is that real estate can’t stay closed for too long. Nearly 5 million Millennials are turning 30 this year, the peak age for purchasing a home. Life moves on: workers are switching careers and moving, families are growing. People need homes.
In past years, industry patterns showed that Millennials – who will originate more than half of all US mortgages this year – were scanning the market for urban settings with plenty of cultural amenities. Now, with job insecurity rampant and young professionals fleeing cities, affordability is set to be the big decider. They’ll take cheap city rents if they can find them, but Millennials are also looking beyond them to small and mid-sized markets for deals.
With this in mind, we decided to look at a few markets across the US and ask the following questions. What kind of house could homebuyers expect to get for $300K? $1 million? $2 million?
Brooklyn, NY
2020 Projected Sales Growth: -4.1%
2020 Projected Price Growth: 0.7%
300K
$265,000 in Brooklyn will get you a fixer-upper in New Lots near the Brookdale Hospital. Street noise in this area is very lively, presumably with ambulances coming and going all hours of the day. Light sleepers should invest in ear plugs!
1 Million
Last sold in 1994 for $144,000, this 6-bedroom single-family house near the DeKalb Ave. subway will now run you $1,025,000. Would-by buyers are paying for a short walk to the Q, R, and B trains, as well as public parks in all directions.
When all is said and done, the family that ends up living here will be paying $513 per square foot, which you could argue is a little high for the neighborhood. For comparison, the median price per square foot in nearby East Flatbush sits much lower, at $348.
2 Million
Of course, a few million dollars frees up a lot of nice spaces just about anywhere in the US. $1,900,000 will get you part of this very charming brick co-op in Clinton Hill, built all the way back in 1860.
Comparing a two-million-dollar apartment to a one-million-dollar one produces some pretty obvious insights, but you’ll have to indulge me for a second. Though all of the above listings are pretty closely tucked next to other properties, this co-op duplex definitely feels the coziest. At double the price per square foot of the previous property, you get three fully-realized bedrooms and a surprisingly secluded patio, surrounded by a canopy of trees.
Las Vegas, NV
- 2020 Projected Sales Growth: -9.5%
- 2020 Projected Price Growth: -1.1%
300K
This house typifies the classic single-family unit in Las Vegas. Just about every home in the area has the same desert tones, Southwest tile roofing, boxy design, two-car garage, and is situated on an oddly named street – Danza Del Sol Drive in this case. (Others include Bonanza Boulevard., Baby’s Tear Place, Disc Drive).
Apparently, this specific 3-bedroom is in need of “tender love and care” and “overall improvements”, so you can get it at a slightly lower rate than usual: $300,000, on the dot.
Like most houses like it, this unit has a spacious yard and a patio to relax on when the local temperature falls below 100 degrees. Vegas in general is minimally walkable, and the same is the case here. Schools, shopping, and dining are all a short drive away.
1 Million
Want to live right on The Strip? A two-bedroom in the heart of it all, with an impressive view of the ARIA and Paris, will run you $1,190,000.
The unit comes fully furnished, with an open floor concept, and the eleventh-floor view goes well with the cosmopolitan style. As for how that compares to other markets, the cost here is in the ballpark to the stone five-bedroom we looked at in suburban DC.
According to Norada Real Estate Investments, 18.2% of real estate listings in Vegas had a price cut in February 2020. This is not the case with any of the Vegas properties included in this article, which all continue to rise in value.
2 Million
Oh, to be relatively young, rich, and living on Royal Ascot Drive. For this very sleek modern mansion, you are looking in the ballpark of $2,021,000. As you can see, Vegas-area luxury properties definitely embrace the chromatic, cosmopolitan style. The desert fauna is also very cool.
For the half-acre lot the property is built on, the current price is $444 per square foot. With pink pool lighting, a hot tub, tall ceilings, and futuristic fireplace, the owner has earned the right to exclaim “My life a movie!” a few times a week.
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