Contrary to some predictions, Millennials are making owning a home a priority. While they’re buying their first home a bit later than prior generations, they’re embracing the long-term value that home ownership brings.
1) Millennials are dominating the first-time homebuyer category today.
The median age of first-time homebuyers is 31, according to a National Association of Realtors study.
2) The vast majority of Millennials think owning a home is important.
According to a Merrill Lynch study, 81% of Millennials agree that “homeownership is an important part of the American Dream.”
Percent who agree that “Homeownership is an important part of the American Dream”
3) Most Millennials consider owning a home more sensible than renting for both financial and lifestyle reasons.
In a survey by Fannie Mae, Millennials who own a home prefer owning over renting for these reasons:
A strong local economy, rising rents and low interest rates have all helped Millennials reach the tipping point and take the plunge into the American Dream of home ownership.
I can help first-time buyers find the best home for their needs. Reach out with any questions you have, or forward this to a first-time homebuyer you know.