Jul 15, 2014, 11:32pm CDT
- Bryan Davis
- Reporter- Birmingham Business Journal
- Overall millennial participation in the housing market has been scarce, according to experts, but Birmingham is one of the few exceptions.
Birmingham ranked second on Builder Online’s list of the eight metros that have done the best job of attracting millennial homebuyers.
The Magic City ranked second to Honolulu.
According to the study, Birmingham’s metro has seen a 23.9 percent increase in millennial new-home closings, and millennials make up nearly a quarter of the population in the region.
Birmingham wasn’t the only Alabama metro to land on the list.
Daphne-Fairborne-Foley, a smaller south Alabama metro, was No. 4 on the list, with a 12.8 percent increase in millennial new-home closings. Builder Online said 14 percent of the population in that region are millennials.
The study analyzed new-home closings for 2012 and 2013 for those aged 18 to 34.
The national market has been counting on homebuyers under 34 to drive the housing market, which has been sluggish over the last 12 months.
And whether it is reluctance or inability to buy, the generation’s absence has done considerable damage to the recovery.