Millennial HomeBuyer Wave Rising
It's unclear whether or not Millennials believe in home ownership as being a significant factor in obtaining their slice of the American Dream.
As compared to prior generations, Millennials have taken longer to achieve milestones considered important such as getting married, having children and their first purchase of a home. However, just because it took longer to achieve these milestones, it doesn't make them any less important for millennials to aspire to achieve.
For older millennials aged between twenty-five to thirty-four, who have already established themselves, in the career of their choice and raising children, homeownership is the next logical step.
Urban Institute's state Of Millennial Housing, the probability of a millennial purchasing their first property increases by 17.9% if they are married, and increases by another 6.2% if they have children.
The US census Bureau reported last year that the average age for a first marriage for a man was thiry and twenty-seve for women. The National Association for Realtors (NAR) reports the overall average age for a first time home-buyer is thiry-two years old.
With most millennials still before the age of responsibility (the point in their life where responsibilities start to influence their actions), there will be a steady flow of first-time buyers for years to come.
For most buyers currently in the market, they are finding themselves competing in a strong seller's market. Nar's chief economist Lawrence Yun had this to say, "Realtors throughout the country continue to stress that there's considerable pent-up demand for buying a home among the millennial households in their market."
Yun continued, "Unfortunately, they'r just not making meaningful ground, and continue to be held back by too few choices in their price range, and thereby missing out on home-ownership and wealth gains."
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