Not too long ago, millennials of all ages wondered if they could ever afford to buy a home. That is no longer an issue.
With today’s low interest rates and strong economic conditions, millennials are split on home-buying, but only in terms of location.
A recent survey to gauge consumer housing sentiment, conducted by CoreLogic and RTi Research, found that around 75 percent of millennials who rent said they are likely to purchase in the near future.
The difference among young and older millennials (30-38) is in preference. Millennials in the latter group say they prefer single-family homes in suburban areas, valuing more privacy. About half of millennials over the age of 30 have purchased homes, but they are increasingly looking to move out of city.
The younger group still wants modern apartment-style living in urban settings. This demand has driven the growth of multi-family markets.
Regardless of where millennials end up in urban cores, or slightly outside city limits, it’s clear that a majority of them will soon become homeowners.
Roseville provides a happy medium that satisfies both types of millennial buyers. Homes are both located near big-city amenities and quieter areas filled with natural beauty.
If you’re thinking about jumping into the real estate market, there may be no better time to do so. Today’s low interest rates and strong economic conditions are paving the way to homeownership for many new homebuyers.
Our local experts and great customers service will make it even easier to navigate this process. Contact us today with any questions about the home loan process.