“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”.
Bottom Line
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.
What Every Homeowner Should Know About Their Equity
Understanding how much equity you have is the first step to unlocking what you can afford when you move.
Why the Sandwich Generation Is Buying Multi-Generational Homes
If you’re thinking about buying a multi-generational home, working with a local real estate agent is essential.
The Biggest Mistakes Sellers Are Making Right Now
If you aren’t working with an agent, you may not realize the mistakes you are making. And they may be costing you!
Are Home Prices Going to Come Down?
In the context of today’s housing market, it doesn’t mean home prices are going to fall dramatically. It only means prices are normalizing a bit.
How the Economy Impacts Mortgage Rates
Mortgage rates will continue to be volatile in the months ahead. There are signs the economy is headed in the better direction.
How Affordability and Remote Work Are Changing Where People Live
An experienced local agent can help you find the lifestyle you’re looking for in a home you can afford.
.jpg ){kind=logo}
