DO MILLENNIALS (18-34 YEARS OLD) WANT TO OWN A HOME?
30% of Millennials live at home with their parents.
HAHA... Everyone likes to save money but I don't think the 30% of18-34 year olds are loving living with mom and dad to do it though. I think the main reason for this is the discouraging reality that many are graduating college making the same or less than you can make at Costco but you have 100 grand in student loans to pay back. But that is a blog for another time.
This Millennial generation is actually PRO Home Ownership but these stats show that Millennials are backed into a corner economically. THE GOOD NEWS...There is a way out if you will learn the rules of buying and selling the largest investment most people ever come across... Their Homes. At the end of this article I show 6 Ways To Buy a Home way before you ever thought you could.
*To see the charts better on a cell phone turn your phone sideways...
*It's the 18-30 year olds who still believe in the "American Dream" of owning a home!
*Renting cost more per month than a house payment.No wonder Millennials are living at home!Rent is at a record high in proportion to household incomes. Green is how much higher rent is than what is considered "Affordable".
*Record high stats show 32% ofvthe Millennial Generation living in their parents houses. In Utah we have basement apartments that are very accommodating. THIS IS GOOD FOR OUR NEAR FUTURE REAL ESTATE MARKET! They are saving money up for down payments for their own homes. The 2 charts below estimate a major upswing in number of homes sold in the upcoming years.
*People are buying their first home later in life. THE PROBLEM FOR MILLENNIALS is that incomes compared to real esate prices haven't changed! Prices are up over 30 years of inflation and incomes didn't go up at all! Note, the chart shows prices and incomes in the 1970's in todays dollars adjusted for inflation.
*So consequently... First Time Buyers Are Older and they are buying more condos because they are cheaper and within their financial reach.
*What I wish 18-30 year olds knew to help buy smart and within their financial reach.
1. Buy a Discounted House that needs a cosmetic facelift with a FHA 203K Loan. The loan is only 3.5% down and will finance the repairs and facelift for you!
2. Utah Housing Loan will do 0 down or 1,000 down anywhere in Utah County or Salt Lake County.
1. Who We Are:
- Top Rated Realtors for past client satisfaction on review sites like Zillow and Trulia.
- Top Ranked Lenders that have repeatedly finished loans on time for us!(THIS IS HUGE)
- Educated Title Companies that have proven their expertise during complicated title issues.
- Highest Google Rated Home Inspector in Utah to make sure your new home is a safe buy.
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3. This is a Safe Zone: We are here to educate, navigate and guide you. We are not here to change the timing you have in mind. We are not a high pressure agents. If you feel pressured and annoyed write a message to DevinHaub@UtahRealEstate101.com so we can provide more training and correct our approach.