CLARKSVILLE, TN (CLARKSVILLE NOW) – A new study has Clarksville ranked fourth nationwide in the percentage of Millennials buying homes.
The National Association of Realtors calculated the median age of home buyers among the 200 largest metro areas for 2022. After estimating the concentration of Gen Z (born between 1999 and 2004) and Millennial (born between 1980 and 1998) buyers, the analysis identified the cities where young people are most actively buying homes.
“These variations in home buying age are mostly driven by factors such as the cost of living, housing affordability, availability of homes, and demographic trends,” said an NAR report on the study findings.
In Clarksville, that “demographic trend” means Fort Campbell. The post has long had a reputation as a favorite final duty location for soldiers looking to put down roots. Since soldiers can retire after 20 years in, that means the soldiers currently retiring – and likely looking to buy homes in Clarksville – are almost all Millennials.
Here are the metro areas with the most Millennial home buyers:
- Sioux Falls, SD: has a 68.9% share of Millennial buyers, with a median household income of $93,710 and a median property value of $334,910.
- Amarillo, TX: has a 67.7% share, a median household income of $92,270, and a median property value of $247,200 for Millennial buyers.
- Denver-Aurora-Lakewood, CO: has a 67.5% share, a median household income of $129,730, and a median property value of $604,150 for Millennial buyers.
- Clarksville, TN-KY: has a 67.3% share, a median household income of $45,590, and a median property value of $268,780 for Millennial buyers.
- Corpus Christi, TX: has a 66.1% share, a median household income of $76,780, and a median property value of $224,270 for Millennial buyers.
Further, the data show the median age of home buyers in the five years from 2017-2022 was 36 years old. Compare that to the Nashville-Metro area, which was 41, or to Chattanooga, which was 43.
But that purchasing power comes with a price: The average owner cost in income share for Clarksville for those Millennials was 35.2% compared to the typical Clarksville buyer’s 27.4%.
“Overall, whether it’s the better affordability or job opportunities that attract these young professionals to these areas, the significant presence of Gen Z and Millennial home buyers indicates a trend towards early homeownership that will affect the real estate market in the years to come,” the NAR report said.
FULL REPORT: Gen Z and Millennial home buying hotspots: Where young buyers are putting down roots
