Recent headlines exclaimed the homeownership rate, as reported by the Census Bureau, rose again in the second quarter of 2017. What didn’t get much attention in the reports is that the homeownership rate for American households under the age of 35 increased a full percentage point from last quarter’s 34.3% to 35.3%. Millennials proved to have the highest increase of any age group. Find Home Today
This came as a surprise to some considering Millennials have come to be known as the “renter” generation. However, a new study by First American, 6 Trends Poised to Reshape Homeownership Demand, revealed reasons why homeownership numbers will continue to increase for Millennials. Find Home
Millennials are the most educated generation in the U.S.
Why does that matter? First American explains:
“Our model shows that, all other factors being equal, the likelihood of homeownership increases by 3 percent for those that earn a bachelor’s degree over those with a high school degree. The likelihood of homeownership jumps another 3 percent for those that earn a graduate degree.”
The more educated, the better the likelihood for homeownership. And, as we mentioned: Millennials are the most educated generation in the U.S. Find Home In Downers Grove
Homes & marriage go together
Marriage is a key determinate in homeownership. According to an analysis by First American, the homeownership rate is 30% higher among married couples compared to non-married households. Find Home Now
Millennials have put off marriage in the pursuit of higher education. As this group ages, more and more will marry and purchase a home.
Parents buy houses
According to the study:
“The homeownership rate is 1.7% higher for households with one or two children compared to households with no children, and it is 5.4 percent higher for households with three or more children.”
The report goes on to say that as Millennials grow older there may be an increase in not just marriage but also in married couples with children. That will probably also create a “corresponding” increase in homeownership demand. Find Home in Naperville
Wages and the economy
We guess the time has come to announce – Here come the Millennials!!
source: Millennial Homeownership Rate Increases | Real Estate with Keith Kreis
Yes, you can: A millennial’s guide to buying a home
That moment when you just can’t stand writing one more check to your landlord so that he can pay his mortgage payment. That is the moment you are emotionally ready to buy your own home, at least according to investment experts.
We’d like to extend that list of moments to include the longing to get the kids a dog, drooling over the weird paint color you’d love to use to adorn the bedroom walls and the green thumb, itching to dig in its own backyard. Find Home in Bolingbrook
Now starts the sometimes-long road to home ownership that millennials just like you have traveled. Yup, others have paved the way for you, so if you follow their example, at least the examples of those who’ve been successful, you’ll soon be picking up dog poop in your very own backyard. Find Home in Plainfield. Continue Reading below…