4 Reasons Millennials Will Buy More Homes
Will millennials continue to be known as “The Renter Generation?” I wouldn’t bet on it.
The Dayton market continues to be hot and the millennial age group continues to buy more homes. Millennials now make up 35.3% of all homebuyers, up from 34.3% in the second quarter of this year.
Why is this surprising? In the past, this generation has been labeled “The Renter Generation.” I guess that’s not the case. According to a study done by First American, there are four reasons homeownership will continue to increase for millennials:
1. Millennials are the most educated generation in the U.S. Studies show that homeownership increases by 3% for those with bachelor’s degrees and another 3% for those with master’s degrees as well.
2. Homes and marriage go together. Marriage is a key determinant in homeownership. Those who are married purchase homes at a 30% higher rate. As millennials have put off marriages for education and the group ages, more will marry and more will buy.
“Millennials will continue to get married and have children.“
3. Parents buy houses. Millennials are having and will continue to have children. With children, the rate of homeownership increases nearly 6%.
4. Increased income. Recent gains in the economy will increase the likelihood of homeownership among millennials as well.
No matter what generation you’re in, we can help you succeed as a homebuyer.
If you have any questions for us, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.