Why Millennials Are Buying Homes Today

The housing market is hot these days. In fact, the Louisville housing market is currently ranked among the top 20 best markets in the U.S. It’s no surprise that countless Americans are planning on buying a home this year, but the surprise is who will be doing the most buying. According to this recent report from NBC News, millenials (those born after 1980, typically between 18-34 years old) will be buying more homes than any other demographic in 2017.

As NBC notes, “Millennials are growing up, settling down and looking to buy a house.” The National Association of Realtors confirms this, reporting that millennials have been the largest group of homebuyers for four consecutive years. And even if they haven’t bought a home yet, most millennials want to. According to research done by Fannie Mae, 91{459c3f97d3807641e44bb01632b2f91916cef314d016c0f749c2f3d2b32b4e27} of renters between the ages of 25 and 34 eventually want to own a home.

What’s behind this trend of millennials buying homes? There are a few key reasons why so many are choosing to buy:

  1. Need for more space: Sometimes, you just need that extra closet… or bedroom… or maybe a basement, especially when you’re thinking about starting a family.
  2. Financial benefits: Savvy millennials recognize that owning a home is still one of the best ways to build equity and net worth — and is still an excellent investment opportunity. According to the founder of a home equity finance company in San Francisco, as reported in S. News & World Report, “If you are looking at housing as a long-term investment for capital appreciation, look to generate 13 to 15 percent returns annually.” Plus, it just makes good financial sense to put your monthly home payment into something that’s yours, rather than paying that money as a renter to someone else.
  3. Good timing: Interest rates are still relatively low right now. But they are rising — and so are home prices, as more and more people buy and inventory is depleted. The longer you wait, the more you’ll pay!

Whether you’re a first-timer ready to take that exciting step into homeownership, a move-up buyer looking for more living space for your growing family, or an empty-nester looking to right-size your life, we have the perfect home for you.

Learn more on our website — or visit the community of your choice to see one of our neighborhoods and take a tour of our gorgeous models. We would love to show you around and show you how easy it is to buy your new home here!

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