The demographics of Southern California are rapidly changing, particularly in housing markets such as Irvine. According to a March 2018 report published by the Orange County Register, members of the millennial generation have moved to Irvine in far greater numbers than to Los Angeles in this decade, and this is despite the higher inventory and greater vacancy rate in L.A. This millennial preference for Irvine has confounded urban planners who have been working on high-density housing solutions for Los Angeles. However, economists are hardly surprised by this trend. Millennials have many reasons for acquiring Irvine, CA, real estate, and here are six reasons that explain why they are doing so.
1. Favorable Market Conditions
Millennials who were old enough to understand the background of the Great Recession will know the current state of the American economy and the housing market are nothing like they were in 2008. As a regional real estate market, Southern California is one of the most attractive and profitable, particularly in cities that enjoy higher quality of life. Irvine has enjoyed sellers’ market conditions since 2012, and this trend is expected to continue over the next few years.
2. Plenty of Tech Firms
Prospective homebuyers who wish to pursue a career in the lucrative tech sector will be pleased to know Irvine has been considered a tech hub since 1997. Some of the major tech firms that call Irvine home these days include Blizzard Entertainment, developer of games such as World of Warcraft, and Crowdstrike, a respected internet security company.
3. College Town Vibe
As a planned city, Irvine was essentially developed around the University of California Irvine campus. Aside from prestige, residents also enjoy living in a true college town that is dedicated to research, academic advancement, and community improvement.
4. Welcoming to Large and Extended Families
Quite a few millennials who came of age during the global financial crisis had to adjust to the reality of staying with their parents longer than expected. At the same time, the difficult financial situation forced some parents to move in with their adult children and even with relatives. In recent years, home builders in Irvine have been developing larger properties with special features such as private bedrooms with their own restrooms and private entrances. These homes-within-homes are ideal for millennials who expect their parents might join them in the future.
5. Rising Rental Rates
As a city with a high quality of life, Irvine has experienced a solid increase in its rental market. The scale that weighs the financial merits of renting versus buying is currently leaning toward home ownership in Irvine, and this is also good news for prospective property investors looking for rental income.
6. Healthy Job Market
As of late 2017, the unemployment rate in Irvine was lower than the national rate, specifically 2.1 percent lower. This macroeconomic factor ranks Irvine high on the list of Sperling’s Best Places to Live, and it also attracts millennials who wish to live in a community where they do not have to worry about not being able to find jobs.
If you’re a millennial who is searching for homes for sale, Irvine, CA, is a wonderful place to live for these and many other reasons. To find the home you’re looking for, get in touch with a trusted agent from OC Residential. Call 714-454-6304 today to set up an appointment.