Many people, especially professionals, aim to acquire their own property early on as a stable base to prepare for future moves, such as raising a family. Elliot Njus of the Oregonian notes that one segment of the population is moving in that direction – in a very big way:
“Millennials are reaching an age when, historically, a generation’s homebuying activity has peaked. If this generation stays true to form, the shift potentially offers a demographic jump-start for the housing market – although one that comes with plenty of challenges.
The National Association of Realtors on Tuesday released its annual survey of recent homebuyers, broken down by generation. Among the highlights: the growing influence of Gen Y, or the millennials. At 78 percent, millennials by far make up the largest share of first-time homebuyers.”
The above is certainly enough to pique residents of Boise, Idaho, who have not yet hit their mid-30s. The City of Trees already reaps points on several Top Ten lists as a wonderful place to raise a family, to retire in, and to live a life whose cost is well below the national median value. If you are a young adult looking to settle in Ada County for work or family, a Boise, Idaho real estate expert like Jamie Carmouche is the person to call.
Millennials/Gen-Ys are people who were born anytime between 1980 and 1995 and a further check of the data reveals more clues to their rising influence in home sales. An overall analysis of the demographics showed them at 31% of all buyers, with Generation X homebuyers (1965-1979) close behind at 30%.
A consultation with your preferred real estate agent can delve into matters such as the type of home, the prospect listing’s proximity issues, and the customer’s payment options. The NAR study revealed that detached single-family residences accounted for 80% of all houses bought, with an 82% sweep among millennials; when polled on proximity, they needed a place close to work (67%) and family (41%). Ninety-seven percent of millennial respondents financed their purchase but around 20% hit speed bumps from student loan obligations.
The challenge of home buying can be addressed through a reputable Realtor® like Mr. Carmouche. The study noted that 88% of millennial respondents trusted agents who were honest about the entire purchase process and had data on the latest listings. They also liked agents who communicate through text messages or the Internet.
It is never too late for young adults to pool their resources on buying their own humble abodes. A Meridian, Idaho real estate agent will guide you to that dream home.
(Source: Millennials aging into major players in real estate market, The Oregonian, 11 March 2014)