Multigenerational homes keep grabbing real estate headlines and driving home building trends. Baby boomers welcome aging parents and young adult children into their homes, creating a need for unique living spaces. Along with that trend, much is being said in the way that Millennials are uninterested in homeownership.
While Millennials, raised in the digital era, bring a unique perspective to the world, their sentiment toward homeownership doesn’t different greatly from their parents’. According to a recent survey by Zillow, today’s family structure—not to the tune of multigenerational housing—impacts this generation’s ability to purchase a home. The fact that Millennials marry at an older age seems to be a driving force in homeownership trends, according to Zillow.
With traditional expectations and interest to buy a home, this generation tends to join the first-time homebuyer ranks a little later. Households with two incomes, such as married couples, have an easier time gathering up a down payment and paying a mortgage. Zillow reported that the aggregate of young married couples with two incomes remains above historic levels.
Single Millennials and married households with one income represent the decline in first-time homebuyer numbers. According to MarketWatch, Lawrence Yun of the National Association of Realtors claims that stringent lending guidelines and risk profiles present inhibiting factors for younger home buyers. Strapped with student loan debt and unemployment, this generation has a special set of circumstances around the ability to buy a home. However, the fact remains that they do want to buy a home.
No matter where you fit on the spectrum of family structures in today’s society, homeownership is within reach. It may take extra planning and preparation, and that’s where a Realtor® can help chart the path. Are you interested in exploring the possibility of purchasing your first home? I welcome the opportunity to meet with you and to walk you through each step of the way. Contact Ted O’Donnell of F.C. Tucker Company today.
By Ted O’Donnell, talktotucker.com/ted.odonnell