Financial experts say more millennials are delaying home ownership because there are tighter credit standards than a decade ago, for starters. Gone are the days when one could easily get 100% financing home loans without documenting your income. Today, almost all home loans require a down payment of at least 3% to 5%.
Today’s millennials – seeking employment, adventure and purpose – are moving outside their homes and college towns, and are poised to drive the housing market for years to come. The current new homebuilding pace of 629,000 units in 2016, is projected to grow to a 1.5 million unit run-rate within five years, driven by older Millennials.
Mother’s Day is tomorrow, and a new Zillow analysis finds 22.5 percent of millennials age 24-36 are living their moms or both parents, as this alarming trend is up more than 9 points since 2005. Nearly 25 percent (12 million young adults) of all millennials will travel lightly this Sunday because most of them reside in their parents’ basement.
Millennials want big homes: 2,375 sq. ft. on average, according to the latest nahb tracking survey, released in March 2016. By comparison, the average desired home size for all buyers is 2,202 sq. ft.
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delaying marriage; delaying parenthood (Dickerson, 2014) What about Affordable Housing? Gen Yers are "finding it hard to find affordable places to rent," according to Dickerson. As we said earlier, they’re also waiting longer to buy a house. You can attribute a good bit of that to falling inventory in the housing market.
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Our data suggests that most millennials still believe in homeownership. 79% plan on eventually purchasing a house or apartment, and another 15% are unsure. Only 6% expect to always rent. When asked about when they plan to buy, however, nearly 80% of renters are delaying their purchase for two or more years.
Saving property values in the wake of foreclosure How to Save Your Home from Foreclosure Advertiser Disclosure January 23, 2017 by Gerri Detweiler Falling behind on your mortgage payments can lead to foreclosure – when your lender goes through the legal process to claim ownership of your home because you have not paid the loan as agreed.
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BUILDER Will Millennials Save Housing From a Downturn? The cohort’s delay in launching housing preference and behavior could transform into a favorable factor in an expected economic downturn ahead.
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There’s no doubt the Federal Reserve’s low interest rates have helped the housing market recover from its. This is a significant trend to watch, particularly as as millennials age into their prime.