“The type of home you buy depends on your needs, budget, and in many cases, the desired maintenance level. For many millennials, their choice has been buying a condominium!”
When deciding to buy a home, people are presented with many different options. The type of home you buy depends on your needs, budget, and in many cases, the desired maintenance level. For many millennials, their choice has been buying a condominium!
According to CoreLogic,
“Last year about 43% of all condo home-purchase mortgage applications were submitted by FTHBs… Similarly, the data show condos were more popular with young homebuyers and empty nesters. For instance, 21% of all condo home-purchase mortgage applications were submitted by buyers aged 18 to 30, compared with just 17% of all single-family home-purchase mortgage applications by the same group in 2018.”
With home prices increasing year-over-year, it makes sense millennials are buying condos instead of a single-family house. As a result, the demand for this type of home has been increasing.As this graph explains,
“The younger millennials are the largest cohort and are likely to drive much of the condo demand in the coming years”.
If you are a millennial considering buying a home, understand that there are many options available. You may find yourself in a condominium as your first home. If you would like to determine which type of home best fits your needs, let’s get together to evaluate your options!
To view original article, visit Keeping Current Matters.
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It is never too early to start saving for your own home, whether you are part of Gen Z or a different generation.
Now may be the time to take advantage of the ready, willing, and able buyers who are searching for their dream home.
Your local professionals are here to help you determine how much you can afford, so take advantage of the opportunity to learn more.
Hiring an agent who has a finger on the pulse of the market will make your buying or selling experience an educated one.