Missoula Housing Research| Prospective Buyers Switching It Up
The last best place has become the first and best option for people looking to move. It’s not just out of staters, either. Montanan’s are leaving smaller cities for job opportunities in larger markets like Billings, Missoula, and Bozeman.
As the demographics change in these cities, what has followed are clear shifts in housing preferences. The Home Ownership Missoula Enduser research, or HOME report for short, is the first deep dive into the housing preferences and financial readiness of homebuyers in Missoula County.
Some results weren’t surprising: most Missoulians who want to secure a home are ready, with a down payment in place and strong employment history. Nearly all of the respondents understand the process to buy a home, with several having taken homeownership preparation classes.
But other results were surprising. For many, traditional single-family homes are losing appeal to lower maintenance alternatives like condos and “tenants as partners” style co-ops. What’s more, assumptions about who lives in and moves to Missoula might not be as clear cut as we believe. This youthful city might actually just be young at heart, as one in four new residents are over 55 – that almost the same as the number of new students entering the market every year.
So what does all this mean for housing preferences? How can developers build to meet the needs of the shifting landscape in Missoula? Email us for a copy of the report.