Nourmand: There have been a lot of millennials flocking to Eastside neighborhoods like Atwater Village, Highland Park, Silverlake, and Echo Park because they feel it's more hip and artsy. They definitely value boutique shops and local businesses. Millennials with kids like to have a good public school option so you will notice them clustering in neighborhoods with good elementary schools.

GlobeSt.com: What do millennials look for when purchasing a home?

Nourmand: Most millennials are trying to find a house they can afford because prices in Los Angeles have gone up drastically the past four years. Often, they are getting help from their family to be able to buy their first home. Based on affordability, I think millennials are targeting areas that are adjacent to better neighborhoods. They are looking to buy the next hot area that is going to gentrify. Millennials are creating desirable neighborhoods based on sheer size and necessity.

GlobeSt.com: What is co-home buying and why has that become a new trend?

Nourmand: I think co-home buying can work but it's a risky proposition. I think it's a better option if two people buy a duplex 50/50 rather than a house or condo. This way, each owner can live in a unit. Also, there should be a legal agreement to cover the most common situations and communication is key. But contracts are only as good as the people involved so there is always the possibility of litigation.

GlobeSt.com: What is your advice to millennial homebuyers?

Nourmand: Millennials are smart and well informed. However, sometimes they think the Internet can tell them everything they need to know. Price per square foot is a good basic metric but it does not tell you the entire picture so don't rely too heavily on this. Also, you should hire a real estate professional to represent you. It's penny smart and pound foolish to do it on your own or hire a substandard agent. The seller is paying the buyer's agents fee so get a qualified agent to advocate for you.

LOS ANGELES—The idea that millennials aren't buying homes is a myth, according to Michael Nourmand, president of boutique real estate firm Nourmand & Associates. He says that millennials are buying single-family properties in Eastside neighborhoods, like Highland Park, Atwater Village and Silver Lake (which is ripe with small-lot developments). As a result, these markets are flourishing with new retail and restaurants. We sat down with Nourmand for an exclusive interview to talk about the millennial home buying market, including where millennials are looking and what they want.

GlobeSt.com: There is a common conception today that millennials are not buying homes. What is your take? Are millennials buying homes?

Michael Nourmand: The concept that millennials are not interested in buying homes is false. There was a brief period during the recession where renting property became more in fashion but this was short lived. Millennials are generally interested in buying homes in the city where they are close to restaurants, coffee shops, and shopping. I would argue that millennials are infatuated with real estate and this is part of the reason for all of the reality TV shows.

GlobeSt.com: Which neighborhoods have become popular for millennial homebuyers, and why?

Nourmand: There have been a lot of millennials flocking to Eastside neighborhoods like Atwater Village, Highland Park, Silverlake, and Echo Park because they feel it's more hip and artsy. They definitely value boutique shops and local businesses. Millennials with kids like to have a good public school option so you will notice them clustering in neighborhoods with good elementary schools.

GlobeSt.com: What do millennials look for when purchasing a home?

Nourmand: Most millennials are trying to find a house they can afford because prices in Los Angeles have gone up drastically the past four years. Often, they are getting help from their family to be able to buy their first home. Based on affordability, I think millennials are targeting areas that are adjacent to better neighborhoods. They are looking to buy the next hot area that is going to gentrify. Millennials are creating desirable neighborhoods based on sheer size and necessity.

GlobeSt.com: What is co-home buying and why has that become a new trend?

Nourmand: I think co-home buying can work but it's a risky proposition. I think it's a better option if two people buy a duplex 50/50 rather than a house or condo. This way, each owner can live in a unit. Also, there should be a legal agreement to cover the most common situations and communication is key. But contracts are only as good as the people involved so there is always the possibility of litigation.

GlobeSt.com: What is your advice to millennial homebuyers?

Nourmand: Millennials are smart and well informed. However, sometimes they think the Internet can tell them everything they need to know. Price per square foot is a good basic metric but it does not tell you the entire picture so don't rely too heavily on this. Also, you should hire a real estate professional to represent you. It's penny smart and pound foolish to do it on your own or hire a substandard agent. The seller is paying the buyer's agents fee so get a qualified agent to advocate for you.