U.S. Construction
As the graph indicates, the residential construction sector was a hot property in Texas last year. The primary factors impacting residential construction across different regions include strong job growth, increasing wages and rising home values.
Santa Rosa–A Real Estate Hot-Spot
The hurdle for Millennials is finding affordable housing, so where are they buying homes? In a recent study, big cities aren’t taking the top spots for Millennial buyers—New York and L.A. ranking 148th and 153rd on the list. Santa Rosa, however, had an 11 percent increase in Millennial homeownership from 2007 to 2016, making it the number seven city in America where Millennials are buying, and tying with Chula Vista, Calif., and Mesquite, Texas. (Young buyers, be ready. The medium home in Santa Rosa is worth $484,000.) Here’s a list of the top seven cities where this generation is buying:
1. Olathe, Kansas
2. Chesapeake, Virginia
3. Bakersfield, California
4. Sioux Falls, South Dakota
5. Anchorage, Alaska
6. West Valley City, Utah
7. Chula Vista, California
Santa Rosa, California
Mesquite, Texas
www.smartasset.com
Male Buyers vs. Female Buyers
The Census Bureau estimates the average full-time working female earns 80 percent of what full-time males earn, leading to long-term effects such as the inability to afford homes, save for retirement and balance budgets. Data shows that men are 50 percent more likely to buy a home without a cosigner than women.
As of 2016, 739 mortgages went to women and 727 went to men in Santa Rosa, making the city the second and last metro area where women bought more homes than—out buying them by 1.6 percent. In Santa Rosa, the average single male buyer without a cosigner earned $126,000 while women earned $109,000. The average mortgage-to-income ratio in Santa Rosa was 3.5 for women and 3.45 for men. This means that the total home value is 4.4 times a women’s income and 4.3 times a man’s, assuming a 20 percent down payment.