The millennial generation seems to be a popular topic when it comes to northern VA real estate these days. Whether or not they, as a whole, believe in homeownership as a part of attaining their American Dream is hotly debated. The facts by the number show a different story as a wave of millennial homebuyers continues to swell.
Millennials have taken longer to reach traditional milestones (like getting married, having kids and homeownership) than generations before them, but that does not mean that they do not aspire to still achieve those things. Older millennials (aged 28-37) who have established themselves in their career and are starting to build their families, homeownership is the next logical choice.
The Urban Institute’s State of Millennial Housing reports the probability of a millennial becoming a homeowner increases by 17.9% if they are married, and an additional 6.2% if they have children.
According to the US Census Bureau, the average age at first marriage was 30 for men and 27 for women. The National Association of Realtors reports that the average first-time homebuyer was 32 years old.
With most of this generation having yet to age into the ‘Responsibility Zone’ (the time in their lives when their responsibilities start to dictate their behaviors), there will be a steady wave of buyers for years to come!
Those who are currently out in the market searching for a home are being met with a strong, highly competitive seller’s market. NAR’s Chief Economist Lawrence Yun recently commented,
“Realtors® throughout the country continue to stress that there’s considerable pent-up demand for buying a home among the millennial households in their market.
Unfortunately, they’re just not making meaningful ground, and continue to be held back by too few choices in their price range, and thereby missing out on homeownership and wealth gains.”
If you are currently renting and thinking about jumping into the real estate market in Northern VA this year, let’s talk. Not everyone is ready or should buy real estate depending on your individual goals but you should know the facts. Call Joey, an exceptional real estate agent and REALTOR with RE/MAX Preferred Properties with over 15 years experiance, for selling or buying a home in Northern VA. Your Home My Passion.
Originally published on Call Joey Keeping Current Matters Blog here.