Do You Believe Homeownership Is Out of Reach? Maybe It Doesn’t Have To Be.
Do You Believe Homeownership Is Out of Reach? Maybe It Doesn’t Have To Be.
It turns out, millennials aren’t the renter generation after all. The 2022 Consumer Insights Report from Mynd says there’s a portion of millennial and Gen Z buyers who are pursuing homeownership as a way to build their wealth, but it may not be exactly the way previous generations have done it. The study explains how they’re breaking into the market:
“. . . younger generations of Americans are not buying into that dream in the same way that older generations have. A growing number of Americans are choosing to make their first real estate purchase as an investment property.”
Instead of buying a home and moving into it themselves, some young buyers are purchasing a home so they can use it as a rental. This tactic may be gaining popularity, at least in part, because of the affordability challenges brought about by today’s higher mortgage rates. The report above mentions how many people in this group are considering this approach. It says:
“Almost half of Millennials and Gen Z (43%) are considering buying an investment property compared to only 9% of Baby Boomers and 27% of Gen X.”
Enjoy the full article here!
https://www.theallnuttgroup.com/blog/256/Do+you+believe+Homeownership+is+out+of+reach%3F++Maybe+it+doesn't+have+to+be.
