Love ‘em or hate ‘em, Millennials are clambering to get their hands on their very own piece of Des Moines property. In fact, it seems like they are moving here in droves! This is great news for our little slice of heaven because it is a direct reflection on our current and future economy. If you’re a real estate investor here in Des Moines, this is particularly good news! Today, I’m sharing a few reasons why this Millennial migration is such good news and how you can use it to your benefit.
The Job Market Is On Fire
If there is anything that is important to Millennials, it is being able to find an amazing job that will allow them to flex their talents and be paid well to do it. Lucky for them, the Des Moines job market is thriving, thanks to the low cost of doing business here (15% lower than the national average). The financial services, distribution, and publishing industries, in particular, are going crazy for our fine city. In fact, the unemployment rate is a rock-bottom 2.9%, a full 1.5% lower than the national average.
The Real Estate Market Is Booming Too
First of all, Millennials are drawn to the variety of properties available to them here. The trendy and modern lofts and condos of our buzzing downtown are perfect for those not ready to settle down. Those looking to start and grow their families, get to graduate to the oh-so-elegant colonials and Tudors that await on the outskirts of downtown. Not to mention the many new developments that are popping up everywhere, for those that prefer something new.
Diving more deeply into the stats of the market, it is no surprise why Des Moines is ranked the 4th best city to live in the United States. As I mentioned, Millennials are drawn to markets where they can make a livable wage. In Des Moines, the average annual salary sits just below $50,000. When we compare that to the median home price of about $181,000 and the median monthly rent just over $800, we can see what the draw is here.
A Wonderful Way To Live
I know that many people think that Millennials prefer to be removed from reality because of their infatuation with their phones. But the truth is, they actually hunger for places with a strong sense of community a vibrant local culture. The beauty of Des Moines is that for many it offers something for everyone. Downtown is home to cultural events and festivals, as well as, plenty of locally owned restaurants, shops, and bars. However, the 600,000 residents of the metro area are extremely friendly which keeps the area feeling warm and homey. For those that are drawn to an active lifestyle outdoors, there are plenty of parks, lakes, and trails for biking and hiking. Sports fans get to enjoy the Iowa Cubs, Iowa Wolves, Des Moines Buccaneers, Iowa Wild, and Iowa Barnstormers.
What The Millennial Migration Means For You
As a real estate investor, this influx in the number of Millennials moving to Des Moines is especially good news. If your portfolio is filled with buy-and-hold properties, this means that there are plenty of high-quality tenants moving into the area, driving up rental rates and keeping vacancy rates low. If you’re more of a flipper, this means there are plenty of high-quality buyers moving into the area, supporting higher sales prices.
Thinking Of Moving To Des Moines?
Obviously, you’re not alone!
This is a phenomenal time to take advantage of our booming real estate market here in Des Moines!
However, there is no reason why you should go it alone!
When you hire me to help you buy your Des Moines digs I will go above and beyond to help you secure the best financing, find a property that checks your boxes and make sure that you get the best possible deal.
Oh, and did I mention it won’t cost you a thing to hire me as your Des Moines buyer’s agent?
So, whether you’re ready to make a move now or just want some help getting your ducks in a row, drop me a line and let me know how I can help you make your Des Moines dreams come true.