How can MSP Compete for Workers and First-Time Homebuyers?
The labor shortage is something a majority of the country is experiencing. Decades from now we will look back on policies enacted TODAY that will decide what communities flourish or falter. How did we attract talented workers to come to our community and stay here as contributers to society?
Most of the young workers that communities are fighting for are in the process of deciding where they would like to establish roots. A number of factors play into that decision-making process including access to family, community vibe, and job availability.
Once young people find that place they would like to call home, purchasing a home is usually a major step in laying the family foundation. Unfortunately, MSP doesn't even crack the Top 25 in the second annual SmartAsset's study of the best cities for first-time homebuyers.
At the end of 2015, less than 35% of adults under the age of 35 owned their home.
While Bloomberg's recent study listed MSP in the Top 5 for first-time affordability, SmartAsset's study looks at a number of other factors that indicate MSP may have some room to grow when it comes to providing a solid first-time housing market.