Millennials are ready to be First Time Home Buyers

First time home buyers have grown to be a larger portion of home sales in 2015 compared to years past. May 2015 home sales were the highest since 2009 with first time home buyers making up 32% of all the buyers.

 

Millennial property virgins seem to be on the rise as young home buyers have become more savvy about home ownership in the Cincinnati market. In fact Millennials have beat out Generation X and Baby Boomers for the second year in a row as the largest group of home buyers.
There are many different reasons for the increase in new home buyers. Some of the factors involved in the millennial home buying trend include: improving economy, low unemployment rates, low mortgage rates, rising rental costs, and social views on home ownership. In fact in a recent article some young people feel forced into buying a home due to high rent. Social views and priorities are notably different with today’s first time home buyers compared to the older generations. Millennials are more willing to buy a home before an engagement or marriage compared to the generations before them.

 

Although there is a large increase in first time home buyers, there are many obstacles young people face before taking the leap. A large portion of Millennials report that student loans and the costs of college have affected their decision to purchase a home in Cincinnati. Along with financial reasoning, some feel they do not have the confidence and education on how the home financing process works.
The influx of first time home buyers is important as they are an essential component of the housing sector of the economy. Follow this link more information on the first time home buying process.

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