Millennial Home Buying Stats
The tides are turning, if ever so slightly. The New York Times reported that, according to Bank of America’s second annual Homebuyer Insights Report, 68 percent of millennial homebuyers consider their current home a stepping stone or starter home on the way to their big picture goal. These are the buyers who have chosen to purchase instead of waiting and proceeding with caution, as has been the practice among millennials.
THESE ARE THE SAME HOMEBUYERS WHO ALSO FEEL CONFIDENT THEY MADE THE RIGHT DECISION TO BUY:
86 percent of millennial buyers consider owning a home to be more affordable than renting.
80 percent of millennial buyers say homeownership has positively impacted their long-term finances.
60 percent of millennial buyers would encourage their younger selves to start saving for a house sooner.
42 percent of millennial buyers encourage other buyers to consider extra maintenance costs and expenses attached to homeownership.
39 percent of millennial buyers are more likely than other generations to associate homeownership with adulthood.
21 percent of millennial buyers encourage other buyers to buy early to begin building equity.
Source: Cornerstone Home Lending. "THE COMPLETE HOMEBUYING GUIDE FOR MILLENNIALS: 7 REALLY REALISTIC TIPS." Web. N.d. http://www.houseloanblog.net/millennial-home-buyers-7-really-realistic-tips/
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