Millennials are flocking to areas like Chattanooga thanks to the affordable housing market. The Chattanooga job market continues to grow and the affordability rate for people in their 20s and 30s continues to improve. Young adults have not been purchasing homes at younger ages compared to previous generations, making it ideal for investors. People in need of rental units continue to provide a steady income source for property owners. Home rates in Chattanooga are 25 percent below the U.S. average. For people seeking investment in their first home, Chattanooga is one of the best options.
Job market growth has grown as well, bringing in more people to purchase homes and rent. Small to mid-sized cities have been found to be more affordable with housing costs for young buyers. Many younger investors are carrying heavy debt burdens from student loans, and the job pay rates have not increased for many people, making it extremely difficult for home affordability to be in the picture for several years.
In addition to student loan debt, many Millennials have pushed back first-time home buying due to credit problems, lack of income, and tighter mortgage lending requirements. Now that the housing market has gained momentum, renters have been able to find themselves in a position to buy homes.
Chattanooga as a city has taken several steps forward to attract younger buyers. Downtown revitalization efforts have improved the livability of the area. Restoration of the Walnut Street Bridge and the Camelback truss bridge gave the city a facelift. A “21st Century Waterfront Plan” was passed to include a new waterfront area development. A new aquarium was developed and is one of the most popular places in the city.
Job growth in the area include a variety of manufacturing and service industry employers. Some of the most well-known employers in the area include:
- BlueCross BlueShield of Tennessee
- Coca-Cola bottling plant
- Coker Tire
- T-Mobile USA
- McKee Food Corporation
- Amazon.com (Distribution Center)
- Norfolk Southern
- Volkswagen Chattanooga Assembly Parts
Job growth aside, living in Chattanooga is highly rated by residents. With a mix of employment opportunities, community involvement opportunities, and activities to do, Chattanooga real estate will continue to climb as a solid investment. Working with a property management company can assist in finding Chattanooga real estate that does meet your perimeters. Finding the right real estate will make it easier on investors to attract the right type of tenant. For additional information on renting or buying, contact Keyrenter Property Management Chattanooga.