Millennials And What The Want In Their First Home

Millennials And What The Want In Their First Home

More millennials — roughly, those born between the early 1980s and the late 1990s — are expected to buy a first home in 2017, according to the Washington, D.C.–based National Association of Realtors.

Many of those buyers have saved enough to go with something more than a condo unit or a starter home, said Jessica Lautz, managing director for research at NAR. And with the markets doing so well, and interest rates as low as they are, millennials who have paid down their student debt and built up their cash may be in a position to buy more house than real-estate agents might think, she said.

Indeed, the NAR noted that in 2016, 17% of buyers under 35 were able to save enough for a down payment for a home within a year, compared with 14% of all age groups. And though it was lower than all other age groups, 37% of buyers under 35 said they were able to save enough for a down payment within six months, compared with 46% of all other buyers, the NAR said.

To be sure, student debt still is seen as one of the top factors that will influence, in the coming year, whether the millennial generation will buy a home. The NAR noted that 44% of Generation Y buyers had a student-loan debt balance of at least $25,000. And perhaps also worrisome, the baby boom generation is also deep in debt, with the highest median debt balance of $29,100. And it isn’t just their own debt, according to the NAR. “This may be due to not only their personal educational loans but accumulating debt from their children’s education loans


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Dated: April 11th 2017
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