The Rise of the Millennial Home Buyer
You’ve probably heard:
“Millennials never buy homes.”
“Millennials won’t ever settle down.”
Millennials often get a bad rap, but The Castillo Group is here to set the record straight. Though not as often, Millennials are buying homes. In fact, they are buying houses right here in Dallas! With the average age in the area being around 32, over ten thousand millennials moved to DFW in the last year, making it one of the youngest and fastest growing cities in the nation.
Roughly one in three Millennials under the age of 35 own a home. In 2019, Millennials currently make up the largest share of home buyers in the nation. The Millennial home buyer is not a myth anymore!
In a study and interview done by the Housing Finance Policy Center at the Urban Institute, they found the number one indicator of a Millennial homeowner is whether or not they are married or have a college degrees as many view this to be the ‘next step’ in their lives. Having a child also increases the likelihood of owning a home by 6.2 percentage points, and having a parent who owned a home increases someone’s probability of owning by 10.9 percentage points.
Now, if you’re a Millennial reading this post and you dream of owning a home, but think it’s still too far away, you may be wrong. Here are a few ways you can take your transition from renting-to-owning smoothly.
Look at Your Finances
Explore your options of getting prequalified for a home loan. If you have enough for a down payment of at least 5% you should be in good shape.
Define Your Goals
Think about what kind of home you want. Is it in your budget? Can you manage house payments at this time in your life? Once you define exactly what you’re looking for, you can search with ease and not end up broken hearted when the home you’ve been dreaming of isn’t in the cards.
Check Current Mortgage Rates
What are rates like in your area? Sometimes it can cost you to wait to buy a home. With ever rise in mortgage rates it’s best to get in FAST!
Find the Best Realtor
You definitely want to avoid picking the wrong real estate agent. It’s easy to gain a real estate license. Find a realtor with drive and passion for what they do. We at The Castillo Group love what we can provide for our clients and have mastered the client experience.
Have you met with a lender and you’re ready to continue your home buying process? The Castillo Group works with hundreds of first time home buyers. We can’t wait to help you discover your dream home.
Find out why The Castillo Group should be your #1 choice for a realtor in Dallas, Texas.