73% of Wisconsin residents ages 18 to 34 are still planning to buy a home in the next five years, according to a new survey by BMO Harris Bank. Plans for home ownership might even be higher if not for student loans.
In all age groups, 44% of state residents expect to purchase a home in the next five years, citing four main reasons, BMO Harris said:
• 73% want somewhere to call their own
• 72% see it as a long-term investment
• 61% want freedom to renovate
• 61% want their own yard
The survey also found that in metro Milwaukee, 52% of residents in all age groups expect to buy a home within the next five years. The survey also found that 14% of those purchasing a home in the next five years will be buying for the first time. According to the study, 70% of Wisconsin residents currently own their home and the other 30% rent.
“Interest rates on mortgages are at an all-time low, making now the best time to buy a house,” said John Inzeo, President of Wisconsin Mortgage Corporation. “Not only are interest rates lower, but in many cases, renting could actually be more expensive.”
“Now is a great time to buy a home,” says Joe Horning, President of Shorewest REALTORS®. “Interest rates are low and houses are moving fast on the market.”
If you’re ready to purchase a home, or aren’t sure where to get started, contact one of our agents today.
Tags: buying a home, current housing market, Home Buying, Home Sales, Housing Market, real estate advice, real estate news, shorewest, Shorewest Realtors, tips and advice, Wisconsin, Wisconsin Mortgage Corporation, wisconsin real estate