The landscapes in some communities, especially in the Northwest, have changed dramatically over the last five years.
Utilizing data from Zillow and AtoZDatabases, LendingTree looked at cities that have changed the most in recent years. LendingTree examined the cost of home ownership, rent values and changes in foreclosure rates to see where exactly in the U.S. this shift is happening.
The city that sits atop the list: Bend, Ore., with a change score of 43.92. Bend – which is 162 miles outside of Portland – has seen one of the most dramatic shifts in its quality of living. From new small businesses to transportation projects focused on walkers and bike riders, Bend has seen an increase in its amenities as well as housing market growth.
Housing Market Changes
Because of an increased demand for rental housing, the cost of rent in Bend rose nearly 54 percent between 2011 and 2016. With a growing population and shifting economies, the cost of rent in many growing cities has increased substantially.
While the housing market is moving upward since the economic crash in 2008, millennials aren’t buying homes. In fact, the percentage of young people who currently own a home is at a 30-year low.
In 2014, for the first time in 130 years, yes the late 1800s, adults ages 18 to 34 were slightly more likely to be living in their parent’s home than living with a spouse or partner. According to the Pew Research Center, in 1960, 62 percent of the nation’s 18-34-year-olds were living with a spouse or partner, today that number is down to 31.6 percent.
What’s the reason? Having a college degree tops the list.
By 2014, 36 percent of 18-34-year- olds who had not completed a bachelor’s degree were living with their parent(s), while 27 percent were living with a spouse or partner. Among college graduates, in 2014, 46 percent were married or living with a partner and only 19 percent were living with their parent(s). Young adults with college degrees have fared much better in this economy.
However, another reason is that millennials are more attracted to renting throughout their 20s and focused on their careers. They also want to be mobile and are delaying homeownership and parenthood until their 30s.