According to a new study from Urban Institute, there are over 19 million millennials in 31 cities who are not only ready and willing to become homeowners, but are able to as well!
Now that the largest generation since baby boomers has aged into prime home-buying age, there will no doubt be an uptick in the national home-ownership rate. The study from Urban Institute revealed that nearly a quarter of this generation has the credit and income needed to purchase a home.
Surprisingly, the largest share of mortgage-ready millennials lives in expensive coastal cities. These cities often attract highly skilled workers who demand higher salaries for their expertise.
So, what's holding these mortgage-ready millennials back from buying?
Myths About Down Payment Requirements!
Most of the millennials surveyed for the study believe that they need at least 15% down payment in order to buy a home when, in reality, the median down payment in the US in 2017 was just 5%, and many programs are available for even lower down payments!
The study goes on to point out that:
"Despite limited awareness, every state has programs that provide grants and loans to make home-ownership more attainable, with average assistance in various states rangeng from $2,436 to $21,171."
Bottom Line
With so many young families now able to buy a home in today's market, the demand for housing will continue for many years to come. If you are one of the many millennials who have questions about your ability to buy in today's market, please feel free to reach out to me at 561-596-6136 to assist you along your journey.