{"id":7212,"date":"2021-08-19T06:00:07","date_gmt":"2021-08-19T10:00:07","guid":{"rendered":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=7212"},"modified":"2021-08-19T06:00:07","modified_gmt":"2021-08-19T10:00:07","slug":"more-young-people-are-buying-homes","status":"publish","type":"post","link":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=7212","title":{"rendered":"More Young People Are Buying Homes"},"content":{"rendered":"
\n

\"More<\/p>\n

There\u2019s a common misconception that younger generations aren\u2019t interested in homeownership. Many people point to the fact that millennials put off purchasing their first home as a reason for this belief.<\/span><\/p>\n

Odeta Kushi, Deputy Chief Economist for First American<\/em>, explains<\/a> why millennials have put off certain milestones linked to homeownership. Those delays led to their homeownership rates trailing slightly behind older generations:<\/p>\n

\n

\u201cHistorically, millennials have delayed the critical lifestyle choices often<\/strong> linked to buying a first home, <\/strong>including getting married and having children, in order to further their education. This is clear in cross-generational comparisons of homeownership rates which show millennials lagging their generational predecessors.\u201d<\/strong><\/em><\/p>\n<\/blockquote>\n

So, it\u2019s partially true that some millennials have waited <\/em>on<\/strong> homeownership<\/strong><\/a> to focus on other things in their lives<\/strong> \u2013 and that\u2019s impacting certain housing market trends.<\/p>\n

Data from the National Association of Realtors<\/em><\/a> (NAR) indicates the average age of a first-time homebuyer is higher today than it\u2019s been over the past 40 years<\/strong>. As the graph below shows, homebuyers today are purchasing their first home an average of<\/strong> 4 years later <\/strong>than people in the 1980s and early 1990s:\"More<\/a>But just because millennials are hitting certain milestones later in life doesn\u2019t mean they\u2019re not interested in becoming homeowners<\/strong>. The recent U.S. Census<\/a> reveals a significant increase in <\/strong>homeownership rates<\/strong><\/a> for millennials and other young homebuyers<\/strong>.\"More<\/a>As the graph above shows, millennials are entering the market in full force, and their share of the market is growing. Based on the data, the belief that younger generations don\u2019t want to buy homes is a misconception. <\/strong>In fact, the recent Capital Market Outlook<\/em><\/a> report from Merrill-Lynch<\/em> further drives home this point, as it specifically mentions the effect millennials are having on demand:<\/p>\n

\n

\u201cDemand is very strong because the biggest demographic cohort in history is moving through the household-formation and peak home-buying stages of its life cycle<\/strong>.\u201d<\/em><\/p>\n<\/blockquote>\n

Kushi is following the trend of millennial homeownership and puts it more simply, saying<\/a>:<\/p>\n

\n

\u201c. . . it\u2019s clear that younger households (millennials!) are driving homeownership growth<\/strong>.\u201d<\/em><\/p>\n<\/blockquote>\n

As the largest generation, millennials\u2019 impact on the market is growing as more and more people from that generation reach homebuying age \u2013 and Generation Z isn\u2019t far behind, either. That means younger generations will likely continue to drive demand<\/a> in the housing market for years to come.<\/p>\n

Bottom Line<\/strong><\/h3>\n

If you\u2019re a member of a younger generation and interested in purchasing a home, you\u2019re not alone<\/a>. Many of your peers are on their path to homeownership, too. Let\u2019s connect today and discuss what you can do to accomplish your homebuying goals<\/a>.<\/p>\n

Content previously posted on Keeping Current Matters<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\"MoreThere\u2019s a common misconception that younger generations aren\u2019t interested in homeownership. Many people point to the fact that millennials put off purchasing their first home as a reason for this belief. Odeta Kushi, Deputy Chief Economist for First American, explains why millennials have put off certain milestones linked to homeownership. Those delays led to their [\u2026]<\/div>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"bgseo_title":"","bgseo_description":"","bgseo_robots_index":"","bgseo_robots_follow":"","footnotes":""},"categories":[3,134,123,88,84,135,86,124,125],"tags":[],"class_list":["post-7212","post","type-post","status-publish","format-standard","hentry","category-blog","category-buying-myths","category-demographics","category-first-time-home-buyers","category-for-buyers","category-gen-z","category-housing-market-updates","category-millennials","category-rent-vs-buy"],"_links":{"self":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/7212","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7212"}],"version-history":[{"count":0,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/7212\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7212"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7212"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7212"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}