More Young People Are Investing in Their Future
~More Young People Are Buying Homes~
Odeta Kushi, Deputy Chief Economist for First American, explains why millennials have put off certain milestones linked to homeownership. Those delays led to their homeownership rates trailing slightly behind older generations:
“Historically, millennials have delayed the critical lifestyle choices often linked to buying a first home, including getting married and having children, in order to further their education. This is clear in cross-generational comparisons of homeownership rates which show millennials lagging their generational predecessors.”
Data from the National Association of Realtors (NAR) indicates the average age of a first-time homebuyer is higher today than it’s been over the past 40 years. As the graph below shows, homebuyers today are purchasing their first home an average of 4 years later than people in the 1980s and early 1990s:
The recent US Census reveals a significant increase in millennials and other young homebuyers
The thought that the younger generations don't want to buy homes is simply not true. As seen in the chart above they are now in the lead.
In fact, the recent Capital Market Outlook report from Merrill-Lynch further drives home this point, as it specifically mentions the effect millennials are having on demand:
“Demand is very strong because the biggest demographic cohort in history is moving through the household-formation and peak home-buying stages of its life cycle.”
If you are interested in buying your first home there are steps I can help you through to get the process completed so you can move into your dream home.
Lamont "Ben" Orr - The Orr Team eXp Realty 720-425-3365