A few years ago, many people believed that Millennials (ages 18-29) would be “a generation of renters” – – that the economy and changing lifestyle choices would somehow mean that this generation would be the first generation in American history without the desire to own a place of their own.
While the most recent mortgage crisis has taken some of the shine off of the concept of owning,… and an important component of their future success.
Of those surveyed:
» 75% believe homeownership is an important long-term goal
» 73% believe homeownership is an excellent investment
» 24% already own their home and
» An additional 60% plan to buy a home in the future
Importantly, this next generation of buyers understands that buying a home can be complex and are more cautious. The Demand Institute report finds that 44% of Millennials think it would be difficult to qualify for a mortgage.
We have to work together to make sure that this next generation of buyers are fully informed and are making smart choices when entering into homeownership.
We know that homebuyer education and counseling services are a significant deterrent to default and foreclosure. Do you know a Millennial that is thinking about homeownership? Make sure that they are armed with the necessary knowledge to be successful. Make sure that they attend a Home Stretch Workshop or take the online Framework course.
We can build vibrant communities across Minnesota… if we work together to help the next generation of buyers make thoughtful and informed purchases.