A millennial is defined as a person of the generation between Generation X and Generation Z. They were born roughly between 1980 and 2000. Young adults in this generation have been known for a few specific things, just like any other generation. Some may look at these young adults as “entitled” or “spoiled”. Many joke that the Millennials have never heard the word “no”. And, much of this blame is placed on the “helicopter parenting” and “every child deserves a trophy” mentality. Another viewpoint of the Millennial is that we are extremely under-employed young adults with very high college debt. The chances of finding a job that will pay a decent wage is a difficult challenge many Millennials face.
Looking at the latter point, one obvious conclusion is that Millennials are having a hard time finding a good place to live. Most cities have very high costs of living, expensive rent, and very few job opportunities available compared to the number of college grads. A recent statistic from the Project on Student Debt: Recent Publications, shows that seven out of ten college seniors who graduated last year had student loan debt. The average amount of debt is right around $30,000.
However, if you happen to live in the Minneapolis area, you may be in luck. Minneapolis, MN is one of the top-rated cities for low rental rates, inexpensive and accessible public transit, and more open availability for good paying jobs to help cover loan debt, food and clothing.
According to Forbes.com, the average salary for Millennials is almost $43,000. Around 23% of the workforce in Minneapolis is compromised of Millennials. This is one of the top cities employing young people, and offering a very fair starting wage. Recently, the National Association of Realtors has named Minneapolis as one of the top cities for Millennials to purchase a home. The median home price in Minneapolis is around $212,900. To purchase a single-family home, a Millennial would need to make $47,928 with a 5% down payment, or $45,406 with a 10% down payment. With a 20% down payment, a Millennial would need an annual salary of $40,361. With only a 4.5% unemployment rate, a lower cost of living, and many employers hiring here, this is a great place to call home!
If you, or any Millennial you know may be looking to purchase a home in the Twin Cities area, please feel free to contact us at: 651-269-3487 or email us at Sandy@SandyErickson.com