Why Millennials are jumping in to the housing market

If you are a millennial wanting to buy a home in 2023, you are not alone! You may be thinking about your goals and priorities for the months and years ahead and if homeownership ranks high on your goal sheet, you’re in good company. Many of your peers are also pursuing their dream of owning a home. The 2022 Millennial & Gen Z Borrower Sentiment Report from Maxwell says:

“Many young adults have demonstrated their resolve to embark on the journey toward homeownership soon. More than half of millennials and Gen Zs plan to apply for a mortgage sometime within the next year.”

Let’s take a look at why homeownership makes the top of so many young buyers’ to-do lists and what you need to consider to achieve your goals if you’re one of them.

Before you start the homebuying process, knowing why homeownership is so important to you is helpful. The survey I mentioned sheds light on some of the top reasons younger generations want to buy a home. 

• 95% believe the cost of renting is too high

• 35% think owning a home is an important wealth-building tool

• 16% seek the sense of security that owning a home provides

• 37% plan to use it as an investment property

No matter which of these resonates the most with you, know there are many financial and non-financial reasons why you may want to buy a home. 

Whether your homeownership goals come from the heart or are driven by financial aspirations (or both), it can still be hard to know where to start when you’re looking to buy a home. From understanding the home buying process to getting pre-approved and exploring down payment options, it’s a lot to wrap your head around.

We make it simple; just make a call to me to schedule a buyer education meeting.  We’ll go over the ten steps to buying a home, and I’ll help you make a game plan for home ownership. As the housing market cools, buyers are regaining some negotiation power, have more options, and are getting more help with closing costs… don’t miss out.