Millennials Hit the Suburbs

Posted on Feb 9, 2017 in Real Estate

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Take note: The real estate market is about to get a giant influx in millennial buyers.

According to PR Newswire, millennials are now the largest generation in the housing market. And 63% of them are planning to buy a home in the next two years.

Realtor.com is reporting that millennials will account for more than half of all first time buyers in 2017.

So we wanted to find out – what millennials want when looking for their first home.

As millennials enter the realm of ‘settling down,’ either in marriage, to start a family or both, naturally single family homes and town homes are topping the list as most desired. This is a shift from years of living urban, where millennials were enticed to live close to where they work and play. Now, suburbia is their #1 preferred location.

Check out Realtor.com’s full story.

Nearly three-quarters of millennials (74 percent) say that saving for a down payment is still the biggest hurdle. That’s where I can help! The average down payment today for a first time home buyer is less than 7%.  And that may include gift funds from relatives or Down Payment Assistance (DPA) programs that offer grants.  37% of all first time home buyers take advantage of these affordability programs.

So, if you’re a millennial and are ready to put down some roots in San Diego, call me at 619-577-4030 to see what you can qualify for or we can start a mortgage approval plan if in the early planning stages. With today’s home financing programs, I look forward to helping to make your dream of homeownership, a reality!

This information is provided by a third party, Pixona, for educational purposes only and does not reflect the opinions of V.I.P. Mortgage, Inc. Information is deemed reliable but not guaranteed. Any material is not intended as a prequalification, commitment to lend, a reason to enter into a purchase contract, hire a real estate professional, or take any action whatsoever. Always consult your financial planner before making any financial decisions.

Contact Matt Chao

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