For Millennial Home Buyers, the Struggle is Real

RealSupport — Fri, 09 Aug 2019 05:14:16 +0000

Home ownership has begun later in life for this generation of young adults. For years the media assumption was that Millennials were unmotivated by home buying and unready for the financial responsibility that went along with it. But when a study by Business Insider crunched the numbers, it demonstrated that economic headwinds, more than personal choice, delayed Millennial home ownership.

For example, about 70% of recent college graduates have approximately $30,000 in student loans outstanding, not counting interest. Millennials with advanced degrees may have over $75,000 in student debt. Monthly student loan payments can be enough to rival a car payment or a mortgage. The burden of student debt is much greater today than it was for prior generations.

Even as the cost of education increased, the price of single-family homes marched upward. Home prices are now 40% higher than what prior generations faced. The average price of a home reached $300,000 in the spring of 2019.

Millennials have also had to grapple with rising rent costs. Nationally, apartment rents have increased by 50% during the past three decades. At the same time, wages were largely stagnant.

This is all without the impact of the Great Recession itself, which arguably had an effect on Millennial earning power and economic opportunity.

Now for the good news: Millennials are among the most technically astute and financially adept of Columbus home buyers. They are now the largest home buying generation in America, accounting for the lion’s share of home purchases. They may not have rushed into the housing market as quickly as prior generations, but they have approached it with the lessons of the Great Recession in mind.

The market share of Millennial buyers is expected to grow for the next several years! And no matter what generation you are from, using an Exclusive Buyer’s Broker can help you prepare for a successful home purchase.

As your Exclusive Buyer’s Broker, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.

Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!

Andrew Show
Exclusive Buyer’s Broker, CEBA-M, MCNE, CSP, PSA,e-PRO, CREM, ABRM, AHWD
Buyer’s Resource Realty Services, www.buyershome.com
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax

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For Millennial Home Buyers, the Struggle is Real