Millennials Guide to Buying a Home in 2018
The Millennials Guide to Buying a Home in 2018
Generation Y, more commonly referred to as “Millennials”, known as the generation combating crushing debt and delaying family planning have been in the headlines frequently as of late. Why’s that? Well, because this generation witnessed the struggles faced by their friends and family throughout the financial crisis of the early 2000’s. Now that they are in the adult stage of their lives, it is interesting to watch their trends, especially with regard to real estate, as this generation is now the driving force behind the home ownership rate.
To aid first-time homebuyers in the coming year we have the guide below which outlines
- The national home ownership rate
- Financing options
- Credit and borrowing
- Home equity & assetts
- Tips for preparing for your home search
As we move beyond the housing bubble and Great Recession of the 2000’s, the turning real estate market is coaxing more first-time home buyers out of the woodworks, most being Gen Y’ers. This generation is interesting, as there are two major trends among them.
According to a recent survey, one out of four couples between the ages of 18-34 buying a home together are not married. It is true that the Gen Y’ers are far from conventional, where traditionally marriage would precede such a financial commitment of this magnitude.
Saddled with record high debt and facing a strong housing market where inventory is low nation-wide and home prices skyrocketing, these home buyers must be organized, quick on their feet, and most of all, savvy.