14 Nov Millennial Home Buyers Continues To Swell
Millennial Home Buyers
Time and time again we have seen articles published regarding millennial home buyers. Therefore there have been many debates on this generation regarding kids, marriage, and the focus of home ownership. Specifically, whether millennial home buyers, as a group, still believe in the American Dream. Hence, does that American Dream still include homeownership for millennials?
To touch back on a few topics commonly talked about regarding millennial home buyers. Millennials have, in fact, opted for the scenic route to attain usual milestones. Consequently, getting married, having children, and becoming homeowners are definitely taking longer. Considering the generations before did these things more quickly than millennials. This does not necessarily indicate that this generation does not aim to achieve these goals. They are simply taking their time and the scenic route to get there.
Numbering just over 75 million, today’s 21 to 37-year-old—millennial’s—are the largest generation in US history. For older millennial’s, ages ranging from 25 to 34 years of age that have accomplished their lives, their careers have taken off and they have already or are considering starting their families. As a result, for them purchasing a home is the next logical move in life.
Will Millennial Purchase Homes
According to a recently published article State of Millennial Housing, the likelihood of purchasing a home rise as they meet milestones. Once these milestones are met getting married increases by 17.9%, and starting families increases 6.2%
In the year prior, the United States Census reported, the average age, of a millennial when they were first married was 30 years of age for men and 27 years of age for women. It has also been previously reported by the National Realtors Association NAR reports that 32 years of age was the average of a millennial when they first purchased a home.
The majority of the millennials have yet to reach a point in their lives where settling down is needed. As a result, rest assured that there will be a sound swell of buyers for many years to come!
Though most millennial’s have now entered peak household formation and home buying years, they are becoming homeowners later and at lower rates.
Millennial home buyers that are actively searching for their starter or dream home are encountering a robust, very competitive seller’s market. Realtors throughout the country continue to worry that there is a considerable pent-up demand for buying a home among the millennial households in their market. Unfortunately, they’re just not making meaningful ground, and many potential buyers may be held back. With very minimal options within their price range, and missing out on an opportunity to own their own homes.
Finally, if you are one of the many who is currently renting, take some time to think about jumping into the real estate market. Why pay your landlords mortgage? For this reason lets get started this year! Let’s get together to help you navigate our current market and discuss all your options.