Millenial Home Ownership Rising
Inflation has not deterred the younger generation from buying homes! The millennial generation was born between 1981 and 1996, and for many years they were not buying homes due to problems like:
The Great Recession
High debt from student loans
Rising home prices
Low inventory
Higher cost of living and stagnant wages
Just to name a few.
In 2019 only 43% of millennials owned homes, and it seemed as though that number would not change. However this year, 2022, has brought a significant change in the humber of young people getting into home ownership.
Why?
Although the Federal Reserve dropped interest rates around the beginning of the COVID-19 pandemic, millennials finally started buying homes at a higher rate than anticipated in 2022. This might be due to more job stability once the economy opened up, savings built up during pandemic, or paying down debt during the pandemic. An increase in remote work has also given millenials the chance to live in more affordable cities.
If you or someone you know is a millennial and is ready to take the plunge into home-ownership, I’m here to help. There are many options available to help you affordably get into the home of your dreams. Contact me today to get started!
Kenneth Mwirichia, Realtor®