Millennials haven’t written off home ownership
Different to popular perception, millennials still highly respect residence ownership, and a some expects to pick a home in the next five years, in accordance to a CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) study of young adults age 18-34. C.A.R. President Kevin Brown commented, “Despite recent news reports of young adults moving back house to reside with Father and mother, millennials haven’t totally written off residence purchase and still desire to owning a residence.”
Creating really sense of the story
• The study found that of the millennial renters, the vast majority (67 percent) rent simply because they can’t afford to purchase a house.
• More than half (54 percent) offered home ownership an value 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 optimistic about future residence costs, with 59 percent saying they expect home costs will improve in a year, and 63 percent believing residence costs will be higher in five years.
• Of those currently renting, more than one-third (36 percent) would be inspired by affordable home prices to purchase now. Sixteen percent reported they would be enthusiastic by having the down-payment required to purchase, and 15 percent by an improvement in their budget.
• One in two millennial tenants has student debt, but many don’t feel it is preventing them from qualifying for a home loan. Furthermore, more than four in 10 (43 percent) don’t posses loans that would prevent them from choosing a house.
• Although many millennials witnessed their parents struggle with the recession, more than half (59 percent) said the property problems didn’t affect their attitude toward homeownership being a great investment.
• While they aspire toward residence ownership, the majority was uncertain or skeptical they could get a mortgage loan at this point, with 45 percent saying they were not positive, and 33 percent saying they would not be able to receive a mortgage loan now.