All signs point to Scottsdale becoming the next big ‘Millennial Mecca’ in 2016 thanks to the city’s rich entrepreneurial business environment, high paying jobs, affordable housing, and trendy neighborhoods. And a recent bump in new home sales by millennial buyers proves it’s a market that’s here to stay.
“There is no better place to be a young professional,” said Danielle Casey, Economic Development Director for the City of Scottsdale. “Scottsdale is a city booming with great jobs, offering residents an incredible lifestyle while providing the opportunity for affordable, high quality home ownership,” she said.
According to a December 2015 report by Trulia, the number of millennial home buyers is steadily growing in 98 of the top 100 metro areas in the U.S. The study shows that the massive shift from renting to ownership is due to the fact that in most cities, including Scottsdale, it’s often cheaper to own a home than it is to rent. Millennials will enjoy a 23 percent savings by opting to buy rather than rent a home, on average.
Deco Communities is the developer of Inspire Downtown Scottsdale, a contemporary condominium property that has been popular with the millennial buyer and the Skysong crowd.
The complex of 97 stylish condos broke ground in September 2015 and is courting millennial buyers with state-of-the-art amenities, strong design, a community feel and an affordable $270,000 starting price.
The property continues to attract young professional buyers with its fashion-forward approach to design and approachable pricing that makes the transition from renting to buying easy.
“Our philosophy is that ‘rent’ is a four letter word,” said Rob Lyles, partner with Deco Communities, the builder of Inspire Downtown Scottsdale. “We strive to deliver housing that allows millennials to take ownership, not just in owning their own home, but also in the community around them. With Inspire Downtown Scottsdale, we are taking a phenomenal location that hasn’t seen new home construction in over 20 years and infusing life back into the neighborhood with new construction, new buyers, and a new reinvigorated energy.”
Trulia’s researchers factored in down payments, property taxes, security deposits, and other costs, as well as anticipated home price and rent appreciation, when comparing renters and buyers. For the study, Trulia used a formula where the millennial buyer used a 10% down payment and would stay in the home for 5 years.
While 2014 saw a low point in millennials buying homes, in June 2015, 65 percent of people ages 25 to 34 years old surveyed by Realtor.com said they plan to buy in the next three months.