Realtor.com has released its list of the most active ZIP codes in the U.S. While the top 10 contained multiple entries from California, Colorado and Texas, the No. 1 spot went to the Dallas–Fort Worth suburb of Watauga, TX. The ranking is based on how long houses in each ZIP code take to sell and how often they are viewed on the real estate website.
These ZIP codes are popular among families that are relocating or expanding and trading up to larger homes, in addition to first-time buyers. Prices in these areas average 22% less expensive than those in nearby counties and 18% less expensive than those in the nearest major metro.
- Millennials, in particular, are attracted to these ZIP codes for their affordability and proximity to high-job-growth areas.
Millennials are snapping up homes in these areas, where employment growth outpaces that of the nation overall by 35% and average unemployment is only 3.8%. So popular are these areas — for millennials and relocating families alike — that they have enjoyed an average 6%-growth rate, which is 20% higher than that of the rest of the country.
The National Association of Realtors reported this month that more homebuyers, including millennials, are unsure about buying a home even though they are positive about the direction of the economy. The NAR also revealed that both millennials (37%) and baby boomers (43%) typically overestimate how much of a down payment they would have to come up with in order to buy a home.
And in keeping with the findings of this latest Realtor.com look at millennial home-buying patterns, an NAR study earlier this year found that despite that group's reputation for wanting to live in walkable, urban areas, they, like the generation before them, flocked to the suburbs when it came time to buy a house and start a family.