We’ve all seen news reports saying that the Millennial generation aren’t buying first time homes like their parents. High student loan debt, high housing costs, stagnant wages, and delays in the decision to get married are all reasons cited by the experts as to why the younger generation aren’t investing in housing. If you are in your twenties or early thirties and watch the news, buying a home does seem downright impossible. Maybe you haven’t even considered home ownership as an achievable goal. Contacting a qualified real estate agent can help you to begin the process.
But housing markets are regional – not national. The housing situation going on in bigger cities with a high cost of living, such as San Francisco, Chicago, and New York City, is not comparable to the housing market in the Dayton Metro area. In fact, in a study by Lendingtree, Dayton was ranked sixth in the nation, for best place to buy a first time home. Dayton enjoys this ranking because the average down payment for home buyers is just above $25,000, 45% of all home buyers have a credit score below 680, and Dayton earned a high Housing Opportunity Score – indicating that purchasing a home is accessible to those in the median income range.
But despite this accessibility, many younger adults are still leery of the home buying process, or don’t believe buying a home is possible for them. In my upcoming series, I will be addressing many of the concerns and doubts younger adults have with regards to buying their first home. Among topics I will discuss include:
- The myth that there are just no smaller “starter homes” on the market
- Programs available for first time home buyers who have an average credit score and limited money for a down payment
- How buying can be cheaper than renting – even if you aren’t sure you want to live in the same home or city ‘forever’
- How Millennials can still benefit from historically low interest rates if they consider purchasing their home in 2018
While renting offers flexibility for those who are uncertain about their futures, there are undeniable benefits to owning one’s home. Building equity in an investment, being able to deduct mortgage interest on one’s federal income taxes, and not being subject to increases in rent are just among the few. It is my goal with this series to provide information to those who are interested in buying a home, and show that the dream is not as far fetched as the national media makes it sound.
Contact me today to speak with a Dayton realtor. I also service Beavercreek, Centerville, Clayton, Englewood, Oakwood, Fairborn, Harrison Township, Huber Heights, Kettering, Miami Township, Miamisburg, Riverside, Springboro, Trotwood, Vandalia, Washington Township, West Carrollton, and Xenia.