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The Millenials - Home Buyers in Today’s Housing Market

October 20 2015
October 20 2015
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Generation Y, also known as Millennials are those born between the early 1980s and the mid- to late-1990s and according to the FED’s recent research, these young adults are postponing home ownership for a decade or even longer.

For many generations, home ownership has been a positive long-term investment, but a year ago, the housing bust changed the trend as Millennials dragged down homeownership. Some concluded the reasoning behind this trend is because, most young americans are waiting to get married or have children before buying a home, and that home prices have increased a great deal, while incomes have remained dormant. Additionally, the Millennials are having some issues saving for a downpayment in order to take advantage of the low interest rates because of their average student loan debts plus limited job probability. Studies also shows that the younger families have lower net worth compared to the other generations. And maybe the Millennials are not purchasing homes simply because they don’t want to!

Based from the 2015 TD Bank Mortgage Service Index, 50% of Millennials say they are either “extremely” or “very” likely to buy a house in the next year while based from the Digital Risk survey - in the next five years, 70% of 18-to-34 year olds shows interest in purchasing a home.

According to Nela Richardson, the chief economist for Redfin, “Millennials will have a huge impact on the housing market for the next decade, just because of demographics alone,” & “So whatever a few of them do, there’s enough of them that they’ll make a big impact.”


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Sara Craw

July 30, 2018 2:45 AM

Numerous house seekers who set a value go have a poor opinion of going past it to be nearer to work or in a coveted neighborhood. Twenty to thirty year olds are destined to go over spending plan and by a bigger sum since they're first-time purchasers and the slightest proficient about setting a sensible value target and meeting it.


Animated Video Service

August 03, 2018 11:30 PM

Some finished up the thinking behind this pattern is on the grounds that, most youthful Americans are holding up to get hitched or have youngsters before purchasing a home, and that home costs have expanded an incredible arrangement, while salaries have stayed lethargic. Moreover, the Millennial are having a few issues putting something aside for an up front installment so as to exploit the low financing costs as a result of their normal understudy advance obligations in addition to constrained employment likelihood.




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