Millennial Home-Buying Wave Continues | Fort Lauderdale Real Estate

Posted by John Sabia on Wednesday, August 8th, 2018 at 4:55pm.

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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."

Final Thought

If you are currently renting and considering whether or not it is the right time for you to jump into the Fort Lauderdale real estate market, contact me today.

 

Disclaimer:The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. John Sabia PA and Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. John Sabia PA and Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

John Sabia

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