There has been quite a bit of press about how Millennials are the first generation to abandon the traditional American aspiration to own their own home. Several reports and surveys from reputable sources refute that position.
Why is this so important?
Millennials (as you are likely aware) are the biggest American generation so far and they will have a massive influence on our economy. If they are to own their own homes like previous generations, the effect of that purchasing demand would be something all prospective home buyers would want to consider.
According to a recent Merrill Lynch study, eighty one percent of Millennials believe“homeownership is an important part of the American Dream”. This compares favorably to previous generations.
Why have they hesitated to buy up until recently? The obstacle seemed to be employment.
It appears that is about to change.
The most recent jobs report disappointed many economists. However, the silver lining in that cloud of doubt was Millennials. Jonathan Smoke, realtor.com Chief Economist,reported:
“About 33% of civilian jobs created over the last 12 months have been for the young adults who are most likely to buy their first home. This should help support continued growth in the share of homes purchased by first time buyers, as economic success has been influencing older Millennials to jump into the housing market this year.”
Selma Hepp, chief economist at Trulia, concurred:
“The faster rate of job growth among Millennials will continue to bolster both the rental and for-sale housing markets for an extended period of time.”
It appears that Millennials will be entering the housing market in great numbers in the very near future and this will have an incredible impact on the housing industry and home prices as they compete for available property.
Be sure to contact us right away if you are thinking of buying a home or investing in rental property. The sooner the better. We’ll help you understand your options and put together a plan that’s best for you. 888-333-0075.