{"id":108,"date":"2019-09-11T21:22:12","date_gmt":"2019-09-11T21:22:12","guid":{"rendered":"http:\/\/phphouses.com\/blog\/?p=108"},"modified":"2019-09-11T21:22:12","modified_gmt":"2019-09-11T21:22:12","slug":"millennial-buying-power-poised-to-boost-homeownership","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/millennial-buying-power-poised-to-boost-homeownership\/","title":{"rendered":"Millennial Buying Power Poised to Boost Homeownership"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

<\/h2>\n\n\n\n

In a recent article by Realtor Magazine<\/em><\/a>, Mark Fleming, Chief Economist<\/em> of First American Financial Corporation<\/em>, notes,<\/p>\n\n\n\n

\u201cThe largest group of millennials by birth year will turn 30 in 2020, which puts them entering their prime homebuying years\u201d.<\/p><\/blockquote>\n\n\n\n

The article continues to describe how millennials have more buying-power<\/a> than the generations that preceded them, making their interest in embracing homeownership stronger than ever,<\/p>\n\n\n\n

\u201cMillennials\u2014the most educated generation\u2014have the highest incomes across their generational cohorts, even when salaries are adjusted for inflation.\u201d<\/p><\/blockquote>\n\n\n\n

This combination of power and desire has the potential to drive positive growth in the homeownership rate heading into the near future. According to Fleming,<\/p>\n\n\n\n

\u2018\u201cThe gap between the potential and actual homeownership in 2018 narrowed slightly as the growth in homeownership modestly exceeded the increase in potential demand,\u201d he says, citing First American\u2019s Homeownership Progress Index<\/em>.<\/p>

\u201cWe expect the homeownership rate to further close the gap with potential in the years ahead as millennials continue to make important decisions, such as attaining an education and, later in life, getting married and having children.\u201d\u2019<\/p><\/blockquote>\n\n\n\n

That said, the shortage of sellable inventory<\/a> in the entry and mid-range levels that\u2019s attractive to potential millennial buyers may be a contributing factor as to why many millennials haven\u2019t yet purchased a home. According to another recent report<\/a> citing Frank Martell, President <\/em>and CEO<\/em> of CoreLogic<\/em>,<\/p>\n\n\n\n

\u201cLower rates are certainly making it more affordable to buy homes and millennial buyers are entering the market with increasing force. These positive demand drivers, which are occurring against a backdrop of persistent shortages in housing stock, are the major drivers for higher home prices, which will likely continue to rise for the foreseeable future.\u201d<\/p><\/blockquote>\n\n\n\n

With millennials<\/a> aging-up into mortgage-ready and home-buying territory, along with their strong buying interest and buying power, this generation is poised and ready to have positive impact on homeownership rates across the country. Many of them just need to find a home they\u2019re excited to buy in this competitive end of the market.<\/p>\n\n\n\n

Bottom Line<\/strong><\/h3>\n\n\n\n

If you\u2019re thinking of selling, let\u2019s connect and determine if now is a great time for you to list your house and move-up. More millennials are getting ready to jump into the market and join the ranks of homeownership, so demand for homes in the starter and mid-level range will continue to be strong.<\/p>\n\n\n\n

Contact us:
PHP Houses<\/a>
142 W Lakeview Ave
#1030
Lake Mary, FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In a recent article by Realtor Magazine, Mark Fleming, Chief Economist of First American Financial Corporation, notes, \u201cThe largest group of millennials by birth year will turn 30 in 2020, which puts them entering their prime homebuying years\u201d. The article continues to describe how millennials have more buying-power than the generations that preceded them, making their interest in embracing homeownership stronger… Finish Reading Millennial Buying Power Poised to Boost Homeownership<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[10,18,32,9,23,31,5,19,17],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/108"}],"collection":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/comments?post=108"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/108\/revisions"}],"predecessor-version":[{"id":110,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/108\/revisions\/110"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=108"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=108"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=108"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}