Young First Time Buyers Are Saving For Their Dream Homes

Dated: June 21 2019

Views: 87

Young First-Time Buyers Are Saving for Their Dream Homes | MyKCM

Young buyers (Millennials & Gen Z) have waited longer than previous generations to enter the housing market for their first home. However, this hasn’t stopped them from dreaming about the home they will eventually buy. Many spend hours searching listings and building Pinterest boards of their favorite home features.

According to a survey from Open Listings, 70% of single renters are more likely to spend their Sunday nights swiping through house listings than dating profiles.

All that time window shopping has led 45% of millennials to expect the first home they buy to be their “dream home”! They are willing to wait longer, save more for a larger down payment, and are pickier about the listings they want to tour and the features that they want to see in their first home.

Waiting a little longer to buy a home than their parents or grandparents did has also helped young buyers become more established in their careers prior to making such a large purchase. Lawrence Yun, NAR’s Chief Economist, recently commented,

“Older millennials are now entering the prime earning stages of their careers, and the size and costs of homes they purchase reflect this. Their choices are falling more in line with their Gen X and boomer counterparts.”

In some areas of the country, high competition in the starter home market forces young buyers to wait longer. The extra money they save during that time opens their search to bigger, more expensive homes.

If this trend continues, older millennials will skip the starter home altogether, going straight to a trade-up or premium home instead.

Bottom Line

If you are one of the many young renters planning on buying your first home soon, let’s get together to help determine what type of home will best suit your present and future needs.

#relocation #boise #boiseidaho #boisehomes #firsttimehomebuyers #homeownership #buildingwealth #blakeonboise #alisonblakegroup

Latest Blog Posts

Pop Quiz Can You Define These Key Terms In Todays Housing Market INFOGRAPHIC

Pop Quiz: Can You Define These Key Terms in Today’s Housing Market? [INFOGRAPHIC]Some Highlights The language of buying and selling a home may sound scary at first, but knowing how key terms

Read More

Why This Isnt Your Typical Summer Housing Market

Why This Isn’t Your Typical Summer Housing MarketIn real estate, it’s normal to see ebbs and flows in the market. Typically, the summer months are slower-paced than the traditionally busy.

Read More

4 Major Incentives To Sell This Summer

4 Major Incentives To Sell This SummerWhile the housing market forecast for the second half of the year remains positive, there may not be a better time to sell than right now. Here are

Read More

Housing Supply Is Rising What Does That Mean For You

Housing Supply Is Rising. What Does That Mean for You?An important factor in today’s market is the number of homes for sale. While inventory levels continue to sit near historic lows, there are

Read More