Millennials Buying Into the American Dream

Millennial buyers header

Contrary to some predictions, Millennials are making owning a home a priority. While they’re buying their first home a bit later than prior generations, they’re embracing the long-term value that home ownership brings.

1) Millennials are dominating the first-time homebuyer category today.

The median age of first-time homebuyers is 31, according to a National Association of Realtors study.

2) The vast majority of Millennials think owning a home is important.

According to a Merrill Lynch study, 81% of Millennials agree that “homeownership is an important part of the American Dream.”

Percent who agree that “Homeownership is an important part of the American Dream”
American-Dream-chart

3) Most Millennials consider owning a home more sensible than renting for both financial and lifestyle reasons.

In a survey by Fannie Mae, Millennials who own a home prefer owning over renting for these reasons:

Millennials why buy

A strong local economy, rising rents and low interest rates have all helped Millennials reach the tipping point and take the plunge into the American Dream of home ownership.

I can help first-time buyers find the best home for their needs. Reach out to me at (206) 949-5917 with any questions you have, or forward this to a first-time homebuyer you know!

Posted on September 28, 2016 at 8:44 am
Mallory Hanley | Category: Home Buying

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