Home Ownership Is NOT Out Of The Question For Millennials!

By
Real Estate Agent with Coldwell Banker Residential Brokerage

 

Busting The Myth That Home Ownership For Millennials Is Out Of The Question

 

Contrary to what many think, Millennials are able to purchase homes, especially in Charlotte. It may be time to put the question of whether home ownership is out of the question for Millennials to rest. 29% of Millennials still believe they will never be able to afford a down payment. This isn't true! As the video below points out 42% of new mortgage loans are credited to Millennials. That means almost half of the buyers who take on a mortgage are Millennials with 77% of first time buyers putting down less than 20% on their home purchase.

 

 Millennial Myth Buster: Video

 

 

 

Charlotte, NC A Top Destination For Millennials

 

Did you know that Millennials have been flocking to Charlotte? Charlotte is projected to have the highest rate of millennial growth in the nation with more millennials moving to the Queen City than anywhere else in the world, according to a 2017 study from SmartAsset. Professional opportunities, affordability, great weather and quality of life attract millennials to Charlotte and keep them here.  

 

Charlotte's Millennial work force grew 19.8% between 2011 and 2016 and it continues to increase. According to Michael Smith, President & CEO of Charlotte City Partners, “when you look at the statistics on attracting millennials, there are cities that do a better job of getting gross numbers, but where we really stand out is how we keep them. We draw them here for the opportunities, but then they stay for the affordability and the quality of life, and we're able to retain more of that young workforce.”

 

Niche.com also ranked the Queen City as a top destination for Millennials, citing the city's growing number of breweries, coffee shops, restaurants, and high-paying jobs. And did you know that Charlotte was ranked #2 out of the Top 10 Best Cities for Dating in 2019? Another reason, Millennials love living in Charlotte!

 

 

Charlotte Real Estate Is Affordable For Millennials

When you consider the median income in Charlotte of almost $53,000 and the median cost of a home of under $250,000, there's no doubt that Millennials can afford to become home owners in the Queen City.

 

 

 

5 Reasons Why Millennials Choose To Buy A Home {Infographic}

Why Millennials Choose To Buy A Home

 

Get Your FREE Millennial Home Buyer Guide

 

The process of buying a home can be overwhelming at times, but you don’t need to go through it alone.

You may be wondering if now is a good time to buy a home… or if you should continue renting. The free Millennial Home Buyer Guide below will answer many of your questions and likely bring up a few things you didn’t even know you should consider when buying a home.

 

Millennial Home Buyer Guide

 

 

If you're a Millennial thinking about making a move to the Charlotte metro area, click here to request your no-obligation CharlotteNewcomer's Package. It's a great way to begin exploring Charlotte and everything it has to offer.

 

Free Charlotte Relocation Package

 

 

If you're a Millennial thinking about buying a home in the Charlotte metro area, click here to search all Charlotte metro area homes for sale.

 

Free Home Listing Alerts From Great Homes In Charlotte

 

 

Nina Hollander and Carolinas Realty Partners  with Coldwell Banker have helped many Millennials buy their Charlotte dream homes. We can help you, too and we'd love an opportunity to earn your business, to exceed your expectations, and to show you how, regardless of generation:

"The Right Broker Makes All The Difference."

 

 

Great Homes In Charlotte

 

 

Originally published at:  https://greathomesincharlotte.com/buying/busting-the-millennial-home-ownership-myth/ 

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SEARCH ALL CHARLOTTE METRO AREA HOMES HERE

 

 Nina Hollander, RE/MAX Broker, Realtor

 

 

 

 

 

 

Nina Hollander

Broker, Realtor, MBA, GRI, ABR, SRES, CDPE, SFR, SPS, CMRS
Carolinas Realty Partners with Coldwell Banker Residential Brokerage
Direct: 704-779-0813
Website: www.GreatHomesInCharlotte.com
Blog: News You Can Use From Charlotte/Ballantyne/Waxhaw/Fort Mill
Search For All Charlotte Area Homes: www.GreatHomesInCharlotte.com 

2007 - 2019 Charlotte Magazine 5-Star Customer Satisfaction Award Winner

 

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Oh by the way, I'm never too busy for any of your referrals!

 

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Disclaimer:  Nothing in this blog article is to be construed as legal advice, tax advice, or financial advice.  For legal advice see an attorney.   For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.

 

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Rainmaker
3,364,281
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Nina - I personally know of millennials in my own life who have made that "jump" to home ownership in their lives.  It's definitely a possibility with proper preparation.  

Mar 31, 2019 09:02 AM #9
Rainmaker
3,136,751
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Michael Jacobs I agree, Michael. It's all about preparation. However, so much of press coverage has been negative in this regard and I think too many millennials think they'll never be able to own a home.

Mar 31, 2019 09:05 AM #10
Rainmaker
4,493,650
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Nina,

I love myth busters.  The press specializes in glittering generalities as we all have seen time and time again.  Happy Sunday, and we wish you a delightful April.  A

Mar 31, 2019 09:13 AM #11
Rainmaker
3,136,751
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Ron and Alexandra Seigel thanks, Alexandra. I like myth busters, as well. People tend to generalize too much and then make bad decisions based on bad generalizations. Hard to believe April is almost here... and a happy April to you and Ron.

Mar 31, 2019 09:28 AM #12
Rainmaker
3,832,817
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Nina Hollander ,

I too love your myth busters! Our press coverage has been so negative and as usual are distorting the facts. The problem is many millennials listen and feeling defeated before they learn the facts.

Mar 31, 2019 10:29 AM #13
Rainmaker
1,946,427
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Nina - not at all.  The survey is right but so many people like stereotypes.

Mar 31, 2019 10:46 AM #14
Ambassador
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Nina purchasing a home has never been more affordable than it is today, so millennials need to take advantage of it right now.

Mar 31, 2019 11:37 AM #15
Rainmaker
3,136,751
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Dorie Dillard CRS GRI ABR hi Dorie... that's a good way to put it... that younger buyers start feeling defeated before they even get fully informed.

Mar 31, 2019 11:47 AM #16
Rainmaker
3,136,751
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Grant Schneider hi Grant... the press tends to over-simplify and over-generalize, but when people read it they think it's true.

Mar 31, 2019 11:48 AM #17
Rainmaker
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Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

George Souto hi George... I totally agree... and as time goes on it won't get more affordable to buy a home. 

Mar 31, 2019 11:49 AM #18
Ambassador
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Paul S. Henderson, REALTOR®, CRS
RE/MAX Northwest. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

I have come to the conclusion that millennials are not the enemy but clients who just want things their way 🧐 Nina Hollander 

Mar 31, 2019 08:36 PM #19
Rainmaker
3,209,640
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Nina, indeed millennial are fine, just need to figure out how to work with them, last three years most of my clients were millennial and it is just a question of how to figure out the communication gap by 30 years...Endre

Mar 31, 2019 10:27 PM #20
Rainmaker
3,136,751
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Endre Barath, Jr. good morning, Endre. I don't feel as if I have a problem of communication with this generation... maybe that's because I have three grandsons who are millennials. And as with anything, generalizing is dangerous... all three of them are very, very different in how they approach life.

Apr 01, 2019 03:46 AM #21
Rainmaker
3,136,751
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Paul S. Henderson, REALTOR®, CRS good morning, Paul... don't know about you, but I find whatever generation I work with, they want things "their way." And as long as it's not unreasonable or illegal, I'm happy to accommodate!

Apr 01, 2019 03:47 AM #22
Rainmaker
3,269,826
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

The real joke is finding a house to sell !

Apr 01, 2019 07:12 AM #23
Rainmaker
3,136,751
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Sally K. & David L. Hanson hi Sally... yes, indeedy! And that's one reason I put out this call to action!

Apr 01, 2019 08:03 AM #24
Rainmaker
4,108,994
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Nina, I am seeing more sensible young buyers, with staying way under budget, and having money in the bank.   They have good jobs too.

Apr 02, 2019 11:03 AM #25
Rainmaker
3,136,751
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Joan Cox same here, Joan. This is a classic example of how media over-generalizes on so many things.

Apr 02, 2019 11:15 AM #26
Ambassador
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Nina- love this! So many people have talked about Millennials not settling down or buying homes but we have 4 in our family of own their own homes. 

Apr 05, 2019 07:03 PM #27
Rainmaker
3,136,751
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Kathy Streib hi Kathy... and that exactly why always say it's dangerous to generalize about any generational group.

Apr 06, 2019 03:32 AM #28
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