Millennials haven’t written off owning a place
Different to popular idea, millennials still highly respect owning a residence, and a vast majority anticipates to buy a residence in the next five years, in accordance to a CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) research of young adults age 18-34. C.A.R. President Kevin Brown commented, “Despite recent news reports of young adults moving back house to live with Parents, millennials haven’t totally written off residence buying and still desire to owning a place.”
Generating really sense of the story
• The survey found that of the millennial tenants, the the majority (67 percent) lease mainly because they can’t afford to purchase a residence.
• More than half (54 percent) gave home ownership an significance rating of “8” or higher on a scale of 1-10, with 1 being “not at all important” and 10 being “extremely important.”
• Millennials are positive about future place costs, with 59 percent saying they wish place costs will increase in a year, and 63 percent believing home costs will be higher in five years.
• Of those currently renting, more than one-third (36 percent) would be motivated by affordable place costs to buy right now. Sixteen percent alleged they would be motivated by having the down-payment required to purchase, and 15 percent by an progress in their finances.
• One in two millennial tenants has student debt, but many don’t feel it is stopping them from being approved for a mortgage. Likewise, more than four in 10 (43 percent) don’t posses financial obligation that would prevent them from purchase a home.
• Although many millennials noticed their parents struggle with the recession, more than half (59 percent) said the housing crisis didn’t affect their attitude toward owning a home being a really financial investment.
• While they aspire toward owning a place, the majority was confused or unlikely they could get a mortgage right now, with 45 percent saying they were not certainly, and 33 percent saying they would not be able to find a home loan this time.