We all know that millennials are crazy, lazy, and want to live with their parents forever, right? Wrong! Studies are coming out that show millennials aren’t buying homes as quickly as their predecessors, but that doesn’t mean they don’t want a home.
Millennials are the most educated generation that our country has ever seen, but with that education comes a cost. That cost is student loan debt. A lot of millennials are waiting until they finish college, get their feet underneath them, and start paying off that debt before they decide to buy their first home.
Most are waiting until around the age of 30 to purchase a home as opposed to the previous generation purchasing homes right when they get out of school.
Another factor at play is the fact that millennials are getting married and having children at a later age, which are two huge life events that trigger the purchase of a home. In NW Arkansas, around 34% of millennials are homeowners. This is around the middle of the road as far as home cost, but it’s much harder for millennials to purchase a home on the coasts because of the higher cost.
If you have any questions about buying a home or anything else related to real estate, don’t hesitate to give me a call or send me an email today. I look forward to hearing from you soon.