Napa Mortgage News

Millennials Value Homeownership

March 31st, 2015 11:05 PM by Dale DiGennaro

Based on a recent C.A.R. (California Association of Realtors) survey....where Millennials (ages approximately 18-34) were asked about everything to do with home ownership....from the effect of their attitude on purchasing a home to what they look for in a home....as well as their biggest concerns about buying their own home...it appears that they still have a consistently positive attitude about finally moving out of their parents home and purchasing one of their own.

SOME INTERESTING STATISTICS:

2 in 5 Millennials still live with their parents but 93% plan to buy a home

More than half gave an "importance" rating of 8 out of 10

They do not tie homebuying to marriage or kids but instead to the number of years until they will be ready to purchase

Most saw their parents struggle through the last Real Estate crisis but it hasn't effected their attitude about it being a good investment

THEIR MAIN CONCERNS:

They are uncertain or doubtful they can get a mortgage (45% were not sure & 33% felt they wouldn't be able too)

67% rent because they feel they cannot afford to buy

About half felt high home prices and affordability in CA were a challenge

WHY THEY WANT TO BUY:
Millennials top reasons for buying a home is (1) the freedom to do whatever they'd like with the property, having privacy & just the satisfaction that they did it!

57% think location is the most important when making the decision where to purchase. Behind that was neighborhood, home features & walkability.

Two out of three would prefer a single family detached home

Forty two percent want a lot of land and 41% would like to live in the burbs.

The younger of the Millennials group (18-26) are stating that privacy is most important but the older group (27-34) feel equity is more important and view it more as an investment.

WHAT REAL ESTATE AGENTS SHOULD KNOW

Of the millennials currently renting, more than a third would be motivated by affordable home prices to buy now.

Sixteen percent felt they would be motivated if they were convinced they had enough down payment currently to purchase and 15% were waiting on an improvement in finances.

The majority of the millennials (54%) state that they found their home through an agent.

But 69% were requesting better agnt communication.

So...there you have it! Everything we could possibly want to know about these first time homebuyers and their thoughts about purchasing.

If you are in this group.....and wondering if you currently qualify.....visit our website at www.customlending.net or call us to get your questions answered!

Posted in:first time homebuyer, millennials and tagged: mortgage loans Home Loans first time homebuyer

Posted by Dale DiGennaro on March 31st, 2015 11:05 PM

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Millennials Value Homeownership

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