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Hotness is one of those terms that seem to have lost much of their meaning lately, right up there with “awesomeness,” “scalability,” or “fake news.” But when it’s applied to real estate, “hotness” conjures up something very tangible indeed: places where people are truly gung-ho to live.
Every month, we at realtor.com® seek out these prized metros, with our definitive lists of America’s hottest markets for housing. But once a year we take a closer look—not at sprawling cities, but at neighborhoods, right down to the ZIP codes. After all, great communities are what home buyers are searching for the most, right?
This year, for the second time in a row, Watauga, TX, tops the list. Go Watauga! With a young population, a strong economy, and schools that have been rated among the best in the state, this near suburb of Fort Worth has what many buyers—especially those all-important millennials—are looking for.
The rankings are based on how long it takes properties to sell in each ZIP code (an indication of supply) and how frequently homes there are viewed on realtor.com (an indication of demand).
“Millennials are the largest generation in U.S. history, and they are flexing their muscle when it comes to the housing market,” said Danielle Hale, chief economist of realtor.com®, in a statement. “Increasingly, the hottest housing markets are the ones that appeal to millennial preferences, and right now the standouts are relatively affordable suburbs with local ‘it’ factors such as hiking trails, great restaurants, and nightlife. With the largest cohort of millennials turning 30 in 2020, we can expect these types of areas to stay in demand in the years to come.”
Among the top 10 ZIP codes, the influence of millennials, especially those between 25 and 34, is clearer than ever. Older millennials make up 17% of households in the top 10 ZIP codes, compared with 15% nationwide. Millennial homeownership rates also stand out for their region: 50% of 25- to 34-year-olds in these communities are homeowners, compared with 39% in the counties that surround them and 41% nationally.
Other common factors among our top 10 have obvious appeal: relative affordability, strong job markets, and high salaries—all the things that make people feel they can afford to buy a home. Although the median home price in these markets is a bit more than the national median, it’s typically lower than in the surrounding area.
With higher-than-average household incomes, buyers in these ZIPs can afford it!
Let’s take a look at the top 10:
1. Watauga, TX (76148)City of Watauga
Closest large metro: Fort Worth
Median list price: $160,441
Median household income: $66,041
As with much of the country, home prices have shot up in the Dallas–Fort Worth market in recent years. But Watauga offers an oasis of affordability.
“Homes in Watauga average about $185,000—an almost impossible price range to find” in the area, says Geoffrey Walsh, a broker associate with Coldwell Banker in nearby Colleyville.
One of the prime draws is the top-rated Keller ISD school district.
“For somebody who’s looking to find a slightly older home with good schools, the price affordability is there,” says Walsh.
A lot of first-time home buyers are drawn to Watauga, as well as people who are relocating for work and empty nesters who are downsizing. The area’s ranch-style homes are particularly well-suited to aging baby boomers who don’t want to have to deal with stairs.
The area has benefited from the business boom along the Highway 114 corridor. TD Ameritrade has a new corporate office nearby, and Fidelity Investments, Charles Schwab, and Deloitte are also here. The area’s diverse economy supports a variety of trades.
Walsh estimates that a third of his clients overall are from outside the country: “Right now, Dallas–Forth Worth is the No. 3 destination in the U.S. for foreign home workers.” Another third, he says, are people relocating from other parts of the country, especially the pricey coastal areas, and one-third are local buyers.
2. Livonia, MI (48154)Andrew Jameson/Wikipedia CC
Closest large metro: Detroit
Median list price: $223,780
Median household income: $74,320
Just close enough to metro Detroit for convenience, but with all the benefits of suburban living, Livonia combines the best of both worlds. Downtown Detroit’s Institute of Art and professional sports teams are just a half-hour away. Livonia boasts more than 60 parks spread over 1,389 acres, and has been ranked among the safest cities in Michigan. Major employers in the area include the Ford Motor Co. in Dearborn and Beaumont Health in Royal Oak.
3. Kentwood, MI (49548)Closest large metro: Grand Rapids
Median list price: $118,833
Median household income: $43,026
On the other side of the Michigan peninsula from Detroit, the Grand Rapids area is one of the fastest-growing parts of the country. Not only is its economy booming, but so are the local microbrewery, dining, and public art scenes. Millennials dominate among buyers here, snagging 42% of new mortgages. They also have a 62% homeownership rate.
4. Medford, MA (02155)DenisTangneyJr/iStock
Closest large metro: Boston
Median list price: $541,158
Median household income: $81,608
Medford was once considered a sleepy suburb of Boston, but it has definitely woken up. The home of Tufts University has a lively dining scene, and there are a slew of activities along Mystic River, including live concerts at the Condon Shell and the annual Mystic River Celebration of the Arts .
The city has conducted an aggressive park improvement project over the past five years, and most of its 21 parks have been rehabilitated. Want to go ice skating, fishing, hiking, or sailing? Medford has you covered! Public transportation also offers easy access to Cambridge and downtown Boston.
5. Littleton, CO (80123)milehightraveler/iStock
Closest large metro: Denver
Median list price: $533,873
Median household income: $77,489
Littleton offers a fun and historic downtown area nestled in the natural beauty of the Rocky Mountains. In fact, with only a 30-minute drive to the Rockies, it’s one of the Denver suburbs with the best mountain access.
6. Castro Valley, CA (94546)Guinnog/Wikipedia CC
Closest large metro: San Francisco
Median home price: $728,267
Median household income: $81,754
Castro Valley is perfectly situated for anyone who works in the thriving tech scene. With similar commute times to the employment hubs of Silicon Valley, San Francisco, Berkeley, and Oakland, it offers flexibility for homeowners changing jobs to chase the next exciting opportunity. Although home prices may seem high, they’re actually 17% lower than the greater metro area that includes San Francisco and Oakland—one of the nation’s most expensive markets.
7. Colorado Springs, CO (80922)Srabin/iStock
Closest large metro: Colorado Springs
Median list price: $273,322
Median household income: $83,245
Unlike the other towns on this list, Colorado Springs isn’t the suburb of a big city. About 70 miles south of Denver, Colorado Springs has its own center of gravity—it’s a regular on our roundup of the hottest metropolitan markets. The University of Colorado at Colorado Springs and Peterson Air Force Base bring plenty of people to the area, and ZIP code 80922 offers easy access to both. Of course, the active outdoor lifestyle is attraction enough: El Paso County has been called one of the healthiest counties in America, offering miles of trails for hiking, biking, and horseback riding.
8. Overland Park, KS (66210)Derek Slagle/Getty Images
Closest large metro: Kansas City
Median list price: $236,454
Median household income: $72,464
Top-rated schools? Check. Affordable homes? Check. Easy access to employment centers and the cultural amenities of a big city? Double check. Overland Park really has it all. Fun fact: With 14.4% of residents claiming Irish ancestry, Overland Park has one of the highest concentrations of Irish-Americans in the country, beating out Boston’s 14.3%. Take that, Beantown.
9. Mira Mesa, CA (92126)Google Maps
Closest large metro: San Diego
Median list price: $536,394
Median household income: $95,480
With a robust military population from the nearby Marine Corps Air Station at Miramar (“Top Gun” was filmed here—yes, including the famed volleyball scene), and just a half-hour drive from downtown San Diego, Mira Mesa has developed into a booming community. It has a diverse population and a wide array of independent stores, restaurants, and microbreweries. Located 15 minutes from the beach and from a 5,800-acre nature preserve called Mission Trails, Mira Mesa is great for those who enjoy an active Southern California lifestyle.
10. Hilliard, OH (43026)Google Maps
Closest large metro: Columbus
Median list price: $259,011
Median household income: $82,863
The historic small town of Hilliard offers great price-per-square foot home value and excellent schools. For those who want a break from small-town charm, it’s a quick half-hour trip to Columbus, with its multiple Fortune 500 companies, Ohio State University, and the newly opened Scioto Mile, a sprawling park in the heart of the city.
The post Why Is This Texas Town Reigning as the Country’s Hottest ZIP Code? appeared first on Real Estate News & Insights | realtor.com®.
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