5 Home buying tips for Millennials

5 home buying tips for Millennials

The number of first-time home buyers has fallen significantly since 2008. According to the Fannie Mae National Housing Survey published, July 2014, the number of millennials living with their parents has increased nearly 15% since the end of the Great Recession. Overall The Homeownership rate is down from the all-time high of 69% down to 63.7% according to the most recent U.S. Census Bureau report.

Millennials grew up watching the great recession devastate their communities and it is understandable that they have been hesitant to enter the ranks of homeownership. There’s a strong indication that millennials are ready to become homeowners, Millennials understand the long-term value of owning a home. According to Fannie Mae below are a the top 5 reasons why;

Having control over what you do with your living space 93%
Having a sense of privacy and security 90%
Living in a nicer home 81%
Feeling engaged in your community 75%
Having flexibility in future decisions 53%

Millennials like many generations before them will start family and enjoy the benefits of homeownership Real estate is a valuable asset according to world famous investor Warren Buffet “for a great many people,” particularly for families that plan on being in the same location for many years, He recent told CNBC: “If you know you’re going to live in a given area or think it’s very likely, for a considerable period of time and you’ve got a family, the home is terrific.”