According to the census bureau, homeownership rates in the U.S have reached a four year high, with 64.8% of Americans owning a home in 2019. The percentage of Millennial homeowners is also on the rise, with the number growing from 34.3% in the first quarter of 2017, to 36.5% in the fourth quarter of 2018. Additionally, when Millennials were polled with the question “When do you plan to buy a home?” 40% answered within two years, while 73% responded within five years.
According to NAR, younger Millennials (born between 1990-1998) make up 11% of the home buying population, while older Millennials (born between 1980-1989) constitute 26% of new home buyers. The biggest problem facing this generations ability to purchase a home is student loan debt, which come as no surprise to most. However, the low interest rates we are experiencing definitely help to offset that difference and give buyers more power and the ability to afford a higher priced home.
After all the waiting and wondering when this generation will step up to homeownership, the data shows that things are finally starting to pick up. Our team, Mary Beth Lake & Associates, specializes in first time home buyers and enjoys helping our clients navigate through the home buying and selling process, regardless of generation!