Millennials Feel Owning a Home is a Priority
Written By: Chris Ann Wright, Esq.
According to the Bank of America’s 2018 Homebuyer Insight Report, 72% of millennials feel owning a home is a top priority. Interesting to note is that only 50% of millennials feel getting married is a priority and 44% feel that having children is a priority. It seems that many millennials feel that they should have a stable housing situation before they start a family. Many millennials also feel “grown up” when they own a home. In the eyes of their peers, owning a home means achieving personal success.
The only thing more important than owning a home to millennial is being able to retire one day. Conversely, only about one-third of millennials have begun to save for retirement according to a report by the National Institute on Retirement Security. Information regarding the purchase of a home and, for that matter, saving for retirement is at everyone’s finger tips in this age of technology. Often people forget to conduct their own research and self opt out of buying a home due to home buying myths. Some feel their credit score is too low or they already have student debt so they don’t feel they will be approved for a loan. Often these types of limitations do not stop people from buying a home. Many mortgage companies have ways to work around such obstacles and will assist you with the home buying process.
When buying or selling a home, consider using Lyons & Associates, P.C. as your real estate attorneys. Lyons & Associates prides itself on giving sound advice in many areas, including real estate. At your request, we will recommend realtors, mortgage brokers and title companies to assist you with your home buying experience. Our office places a premium on personalized service and attention. For a private consultation, contact us by e-mail or call our office at 908-575-9777.