The Definitive Guide to Buying Your First Home

Top 5 hottest housing markets for young people in 2019—and how much you'll pay

A woman stands near an "I love Austin" mural in Austin, Texas.
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If you're looking for a home in a cool, young neighborhood, you may be in luck: It might be more affordable than you think, (and the job market may not be too bad, either).

Experts from real estate website Trulia recently analyzed data from a range of sources to find the hottest up-and-coming neighborhoods in the United States based on five key metrics: job growth, vacancy rates, affordability, the share of residents moving in versus out, and the share of residents younger than 35.

Based on the results, here are Trulia's top five hottest markets for young people for 2019, plus the median home values for each, collected from real estate site Zillow:

Colorado Springs, Colorado

Year-over-year job growth: 3.3 percent
Vacancy rate: 4.8 percent
Share of income needed for a starter home: 35.4 percent
Ratio of inbound-to-outbound home searches: 1.8
Share of population under the age of 35: 23.6 percent
Overall score: 26.2
Median home value: $286,900

Grand Rapids, Michigan

Year-over-year job growth: 2 percent
Vacancy rate: 3.7 percent
Share of income needed for a starter home: 23.2 percent
Ratio of inbound-to-outbound home searches: 1.1
Share of population under the age of 35: 21.7 percent
Overall score: 28.6
Median home value: $157,900

Trulia: 2019's top housing markets.

Jacksonville, Florida

Year-over-year job growth: 2 percent
Vacancy rate: 4.2 percent
Share of income needed for a starter home: 23.4 percent
Ratio of inbound-to-outbound home searches: 2.4
Share of population under the age of 35: 20.7 percent
Overall score: 28.8
Median home value: $172,500

Bakersfield, California

Year-over-year job growth: 0.6 percent
Vacancy rate: 6.4 percent
Share of income needed for a starter home: 14.3 percent
Ratio of inbound-to-outbound home searches: 2.3
Share of population under the age of 35: 23.1 percent
Overall score: 30
Median home value: $237,800

Austin, Texas

Year-over-year job growth: 2.5 percent
Vacancy rate: 3.4 percent
Share of income needed for a starter home: 45 percent
Ratio of inbound-to-outbound home searches: 1.1
Share of population under the age of 35: 24.4 percent
Overall score: 31.2
Median home value: $363,400

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All data were collected using estimates from the American Community Survey, Bureau of Labor Statistics, U.S. Census Bureau, U.S. Postal Service and internal Trulia reporting. The overall score was calculated by averaging the rank of each metric against other metropolitan areas in the study.

"The hot markets that drove U.S. housing in recent years … will give way in 2019 to a new group of affordable, young, opportunity-filled, desirable — and largely inland — cities primed to drive growth in the years to come," says Trulia.

While these homes aren't in everyone's budget, young buyers should take note: the median home value for most of these metro falls either below, or hovers just above, the national median of $223,900.

While bright spots like these exist, affordability will still be concern in the year ahead, warn researchers. Rising mortgage rates will put buyers in a "wait-and-see mode," they say.

Additionally, the researchers expect that sellers might think twice before listing in an environment that "may not be as lucrative" as it's been in recent years, creating further slowdowns in both buying and selling.

If you are in the market for a home, experts suggest you think carefully about whether that move is right for you. Evaluate your budget and keep an eye on your credit score. Make sure you're ready to transition from renting.

Here are some tips to help you get started.

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