ZIP code ranks among 'hottest' for housing in US
A ZIP code in the area is considered to be among the “hottest” housing markets in the nation.
Realtor.com released today its ranking of the 50 “Hottest ZIP Codes” in 2016, including 49508, or Kentwood.
Kentwood is the No. 19 hottest ZIP code. Michigan has one other ZIP code in the ranking, 48072, or Berkley, at No. 13.
What makes them hot?
Realtor.com found houses in the top 20 hottest markets sell in 25 days, faster than the rest of the nation by 53 days.
The report found millennials are among the chief reasons for the uptick in top markets.
“While millennials are usually a significant presence in most markets, their sheer size and buying power have made them a force to be reckoned with in these hot ZIP codes and given them the power to shift supply and demand dynamics,” said Jonathan Smoke, chief economist, Realtor.com.
Along with a youthful buyer pool, Realtor.com found the hottest ZIP codes are also experiencing above-average job growth, 35-percent stronger than the national rate.
Relocation rates play into the hot housing markets, with the top 10 hottest ZIP codes experiencing an average of 6-percent growth in households — 20-percent higher than the rest of the nation.
The hottest markets also provide homes that are 22-percent less expensive than the surrounding area, providing access to housing in more expensive areas.
Top 10 “hottest” ZIP codes
1. 76148, Watauga, Texas
2. 94523, Pleasant Hill, California
3. 80233, Northglenn, Colorado
4. 80916, Colorado Springs, Colorado
5. 78247, San Antonio, Texas
6. 94954, Petaluma, California
7. 02176, Melrose, Massachusetts
8. 63126, Crestwood, Missouri
9. 97222, Milwaukie, Oregon
10. 92104, North Park, California