“GENERATION RENT” IS IN THE PAST
MORE YOUNG AMERICANS ARE NOW AIMING TO BUY:
Is it time to buy ? “Renting was the new buying” mantra after the housing crisis. Many Americans stopped believing that owing a home was a way to build wealth. In 2013, there were far fewer first-time homebuyers and one report found that more homeowners were seeing themselves as becoming “renters”. In 2015, only 32% of all homebuyers were first-timers.
2017 is showing us that more young people are warming once again to the idea of owing their own home. In fact, more than one-third of all homebuyers these days are 35 and younger. More than Gen X’ers, more than baby boomers. It’s millennials who are taking the leap, according to a study this month by the National Association of Realtors. These millennials have some savings and they’re tired of renting. While people 5 to 10 years older may still be shell-shocked from the housing crash, this younger generation seems ready to start that new chapter-even if it didn’t go well for their parents.
HOMEBUYER HOMEWORK ASSIGNMENTS:
In the years since the housing crash, high-quality free tools like online calculators have become available to help you calculate, based on your numbers, at what point it makes more sense to buy a home versus renting. There’s one by The New York Times Upshot site and another by the real estate company Trulia.
Whether you keep the house for 2 years or 15 years will make a huge difference in how much of it you will own – equity you’re building.
There is one big factor that you have to keep in mind. The calculator does not account for human behavior; i.e., how likely you are to save versus spending.
These online calculators are a quick and easy reference tool, however, they cannot replace the expert advise you would receive from a Real Estate Agent. We invite you to sit down with one of our qualified agents here at Revv to discuss your options and to see exactly how much home you can afford. It’s time to stop Renting !!!
s it time to buy