In the past, many financial experts believed that the Millennial generation was postponing their plans to own a home. However, they are now showing up to purchase the inventory of new and used homes. More than ever before, this generation is finally turning toward homeownership, and Andrew Shader can explain why.
Millennials seem to have delayed many important milestones that often serve as a marker for when homeownership will occur. Gen Y is more concerned with furthering their education before things like marriage, parenthood, and homeownership.
According to the recent U.S. Census, the idea that Millennials are holding off on traditional milestones is a bit misleading. Even though many are putting off marriage and instead pursuing advanced degrees, they are still interested in becoming homeowners.
The percentage of Millennial homebuyers is rising as they start to take their fair share of the available inventory of homes.
Why is the percentage of Millennial homeowners on the rise? It may have to do with their lofty pursuits of higher education. As this group gets older and gets started on their careers, they are earning higher incomes because of their advanced degrees. Their careers are actively growing, making them more willing to part with the cash necessary to purchase a new home. This frees up financial resources to put toward the down payment of a property.
Additionally, they are also working hard to pay off their debts. Many Millennials are saddled with hefty student loans and credit card debt. By paying down what they owe, they have more expendable income to consider making a major purchase with, such as a home.
With the pandemic forcing more people into their homes, Millennials are starting to think hard about where they want to spend their time. The virus has inspired many people to purchase a home set up for remote work. Gen Ys also want an enjoyable place to spend their time. This is a considerable factor motivating young adults to finally begin investing in the housing market.
The market has been favorable for Millennials who are just now looking to buy a home and discover what homeownership can do for their net worth. While inventory is at an all-time low due to a lack of new builds and record-low mortgage rates, so are interest rates. This is an excellent incentive for Gen Ys to buy as it can seriously boost their purchase power.
About Andrew Shader
Andrew Shader is an entrepreneur and a successful real estate developer and investor in Fort Lauderdale, Florida. He got his Business Management and Marketing degree from Florida State University. After spending years in the insurance industry, Mr. Shader decided to shift his focus to real estate. Andrew specializes in value-added properties and boosting property value through investment.
Media ContactCompany Name: Mercury News NetworkContact Person: Jessica BrownEmail: Send EmailCity: Fort LauderdaleState: FloridaCountry: United StatesWebsite: http://www.mercurynewsnetwork.com
