REAL ESTATE

The American Land Title Association (ALTA), the national trade association of the land title insurance industry, AARP and the Illinois Land Title Association (ILTA) recently applauded the Illinois General Assembly for passing Senate Bill (SB) 3420, which includes provisions protecting homeowners from the predatory practice of filing unfair real estate fee agreements in property records, known as Non-Title Recorded Agreements for Personal Services (NTRAPS). The new law will make NTRAPS unenforceable.

Millennials in Arkansas, North Dakota, and Illinois are buying homes priced well above their state averages Source: Construction Coverage analysis of Home Mortgage Disclosure Act data | Image Credit: Construction Coverage The nation’s largest generation has begun buying homes at a time when housing inflation is necessitating more expensive home purchases. At the state level, millennials are buying the most expensive homes in coastal areas like Hawaii ($785,000), California ($755,000), Washington ($635,000), and Massachusetts ($605,000). However, it’s important to note that the median prices for homebuyers of all ages in these states—Hawaii ($795,000), California ($735,000), Washington ($615,000), and Massachusetts ($605,000)—are also the highest in the country. So while millennial purchases are more expensive in these coastal states in absolute terms, the gap between millennial home purchase prices and the median purchase price across all buyers is greatest in parts of the South and Midwest. In states like Arkansas, North Dakota, and Illinois, millennials are spending at least 6% more on homes than what is typical across all buyers. Below is a breakdown of the metros and states where millennials are buying the most expensive homes. The analysis was conducted by Construction Coverage , a website comparing construction software and insurance, using data from the Federal Financial Institutions Examination Council's Home Mortgage Disclosure Act dataset. For more detailed information, refer to the methodology section.