Welcome back! Our North Raleigh real estate agent is here to talk more with you about how long young adults are waiting to purchase a home.
Among homebuyers last year under age 34, 14 percent received down payment help from family or friends, according to a Federal Reserve survey.
A striking 46 percent of renters ages 25 to 34—the core of the millennial population—spend more than 30 percent of their incomes on rent, up from 40 percent a decade earlier, according to a report by Harvard University's Joint Center of Housing Studies.
Job security is a serious consideration for young adults. They'd rather have a good, stable career before buying a home. The Money Source found that the buyers had averaged nearly 4.5 years in their field of work and had held their current job for slightly more than three years, before buying a home. This shows just how important being established in their career is.
Why are they so focused on purchasing a house after they're established, processionally? This is probably a direct result from the recession our country is still slowing recoverying from. Young adults learned from what happened, as they were at a very impressionable age at that time.
As we stated in our previous post, millennials do want to purchase a home, in fact, they have a strong desire to, according to several surveys conducted recently. They just feel that being more stable in careers and waiting until they're married is more important than jumping at the chance to purchase a home at a young age.
But, don't let these reports deter you from buying a home. Are you a millennial considering buying now, instead of waiting? If so, you might want to talk with a North Raleigh real estate agent. You'll be surprised at how many homes are affordable on the market!
With the lower interest rates and increased sales, it's a great time for buyers of all ages to consider purchasing a home before the end of this year. Contact us if you're ready to start the search for your new home!
Let Our North Raleigh Real Estate Agent Help You!
But, if you’re considering selling your home, it's time to act now! Contact Roark Premier Team today and get started with the process of listing your home on the market! We guarantee to sell your home in 59 days or less! If we don’t, the listing fee is waived! So what are you waiting for? Call now! Our North Raleigh real estate agent is standing by to help you get your home sold during one of the busiest times of the year for real estate!