Good news for both Philadelphia first time home buyers and millennials.
RealtyTrac identified the top 10 markets for first time homebuyers and Philadelphia is number 4 for millennials.
The top ten list is based on the average down payment percentage being lower that the national average of 14 percent, as well as an increase of at least 20 percent in the millennial population.
- Buyers purchasing a home in Philadelphia put down 13.4 percent or an average of $12,054 which is .6 percent less than the national average
- Percentage of millennials living in the Philadelphia area increased nearly 25 percent from 2007 to 2013
- This combination of an influx of millennials and low average down payments indicate that Philadelphia will continue to see growth from the influx of first time home buyers
- Looking at the cities on the chart I think it’s clear, where else but Philly would you want to buy?