Analysis: New parents are driving up home prices in ZIP codes with the most kids
A recent Zillow analysis found a record number of Americans will reach key age milestones for home buying and starting a family over the next two years.
Posted — UpdatedA recent Zillow analysis found a record number of Americans will reach key age milestones for home buying and starting a family over the next two years. As the housing market remains scorching hot in the Raleigh metro, the analysis showed the influx of millennials in the area will likely make it more difficult for first-time home buyers.
"Since the oldest millennials turned 32 years old in 2013, the age many new parents buy their first homes, home values in ZIP codes with the highest share of kids have far outpaced those in ZIP codes with the fewest kids," the analysis stated.
The 27571 ZIP code in Rolesville has the highest share of kids in the metro at 37.2 percent, data showed, and home values grew 32 percent in that area in 2021.
The other ZIP codes with the largest share of kids in the Raleigh metro include:
- 27540 in Holly Springs at 32.4 percent share of children
- 27519 in Cary with 31 percent share of children
- 27502 in Apex with 29.9 percent of children
Meanwhile, the 27605 ZIP code in Raleigh had the smallest share of children at 8.7 percent in 2021, according to Zillow. Despite having less shares of children, the 27605 ZIP code still grew 20.9 percent in 2021.
The other ZIP codes with the smallest share of kids in the Raleigh metro were:
- 27607 in Raleigh with 12.2 percent share of children
- 27601 in Raleigh with 14.9 percent share of children
- 27606 in Raleigh with 15.4 percent share of children
Across the Raleigh metro, Zillow data showed that home values grew 30.7 percent in 2021, and the year ended with 39.2 percent fewer homes on the market than Dec. 2020.
"Millennial demand is sparking frenzied competition for the scarce homes on the market in these areas," the analysis said.
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