Let’s take a look at our current housing market snapshot. When looking at houses today it is important to keep current with what is going on in the market. This way we can keep track of housing trends and stay ahead of the curve. Which generation is the largest group of home buyers? Where are they buying? All of these questions will be answered and more!
Which generation is the largest group of home buyers? That would be the millennials! For the third consecutive year, the largest group of recent buyers is the millennials. They compromised 35% of all buyers, double the amount of older boomer and other younger generations.
Where are they buying? Millennials buying in an urban or central city area decreased in this year’s survey and fewer of them purchased a townhouse, side-by-side or condo. The majority of millennials continue to purchase a single-family home in a suburban neighborhood. The trend going on right now is the younger the buyer, the older the home they purchase.
What’s behind the move to the suburbs? While millennials may choose to live in an urban area as renters, most aren’t staying there when it comes to buying a home. While an urban setting may be more desirable, the need for more space at an affordable price is drawing them out to the suburbs.
Any problems financing the home purchase? Yes, millennials cite student debt as the main reason for delaying savings. While debt delayed saving for a down payment for a median of four years for all buyers, the number of years postponed increased from three years to six years for millennials.
So what does this all mean? Millennials are now coming into the housing market with a force. They have had time to save and are now looking for the American Dream. With mortgage rates staying as low as they are, now is a great time to get into the market for a home. Talk to any of our Wisconsin Mortgage Corporation Loan Officers to learn more! Our Shorewest, REALTORS® are ready to sit down and listen to what millennials need in a future home and are thrilled to be welcoming the next generation of home owners! #ShorewestRealtors #Millennials #TheFuture #NARGenTrends
Source Credit: National Association of REALTORS®
Tags: first time home buyer, loan officers, Millennial Buyers, millennials, NARGenTrends, National Association of Realtors, shorewest, shorewest family, Shorewest Realtors, Wisconsin Mortgage Corporation