More than any other generation, millennials are taking on more mortgages and dominating the real estate landscape.
This trend has continued for more than a year. According to Realtor.com, millennial buyers comprise 46 percent of the market share for mortgage originations.
The rest of the generations are falling behind, with Gen X and Baby Boomer falling to 35 percent and 17 percent share respectively in 2019. They were down by a similar margin the previous year, as well.
In addition to their dominance in the real estate market, millennials are likely to move more frequently. Whereas Gen Xers moved about every four years and baby boomers stay put for around six years at a time, younger buyers are moving every two years.
And to top it all off, millennials also purchase the most expensive homes, spending six percent more. This activity is leading future homebuyers to take on more purchasing power.
FHA loans may be a great solution for new buyers or those who’ve been trying to reenter the real estate market.
An FHA loan is issued by an FHA-approved lender and offers borrowers more lenient borrowing requirements so they can purchase a home on their own terms.
A VA loan, also a federally guaranteed product, provides servicemembers a path toward homeownership through its attractive features, including no down payment and low interest rates.
Both programs will serve new Roseville buyers well as the market continues to evolve and provide plenty of opportunities. Contact us today to learn more about your options.