KENTWOOD, Mich. (WOOD) — Kentwood has been named the hottest ZIP code in America by Realtor.com.
The list released Thursday morning looked at 32,000 ZIP codes based on the time it took properties to sell. It also looked at how frequently homes were looked at in each ZIP code on realtor.com.
Homes in the top 10 markets, including Kentwood, sold in an average of 20 days, which is 46 days faster than the rest of the county, according to relator.com.
Realtor.com says it is millennials that are driving the home buying market and they are buying homes in smaller, more suburban cities.
“When it comes to choosing a home of their own, millennials are looking for opportunity and they’re finding it in affordable suburbs,” said Danielle Hale, chief economist for realtor.com in a release. “These hot housing markets are attracting the attention of hard-working, high-earning 25-to-34-year-olds who are drawn by their relative affordability, strong local economies, and outdoor and cultural amenities.”
According to realtor.com, what is making the top 10 ZIP codes hot is homes affordability, employment rates and income.
The median price for a home in these markets is $358,000, and top markets are almost all more affordable than their surrounding area, according to relator.com.
The real estate website also said people living in the top markets were employed at a high rate and made more money. In total, the average household income in the top 10 ZIPs is $83,000, 1.4 times the national rate.
Here are the top 10 hottest ZIP codes:
- Kentwood, Michigan
- Colorado Springs, Colorado
- Watauga, Texas
- Castro Valley, California
- Peabody, Massachusetts
- Boise, Idaho
- Worthington, Ohio
- Overland Park, Kansas
- Rochester, New York
- Upper Montclair, New Jersey