Buying a home is often a dream of the young or newly married couples. Owning a home is a way to increase your worth and encourages you to invest your money into something solid. A home is a real asset that could become valuable as the economy improves and houses become a commodity in your local market.
In today's society, it's sometimes hard to afford a home because of credit debt, student loans and other factors. Millenials, in particular, had a difficult time doing so in the past because of heavy school loan debts, but today, that's changing. Now, Americans 37 years of age or younger are more likely to be buying homes than anyone else. In fact, around 36 percent of homes sold between July 2016 and June 2017 were sold to this group of Americans. It's a good sign for the economy, and it means that growth is occurring across the country.
Married couples are still the largest overall category of people buying homes, which makes sense considering that many married couples move into single-family homes to start families of their own. However, unmarried Millenials are the second-largest category of people buying homes. Single females and single males also purchase homes, along with others who fit into different categories.
Why the sudden change in the purchasing activities of Millenials? It could be the improvement of the United States's economy, or the fact that many people are finally paying off school-related debts. Overall, home sales to this group continue to grow. If you're ready to buy, remember that this could be a great chance to increase your estate's value.
Source: The New York Times, "How Old Are Home Buyers?," Michael Kolomatsky, April 26, 2018