Citing data from the Bureau of Labor Statistics, Generation Progress, a national progressive advocacy and action network for young people a starter home portrayed a positive view of the Millennial labor market, especially those between the ages of 25 and 34, y Forbes.
“For older Millennials, labor force participation is far higher than the national average.” With many Millennials seemingly back at work and earning better salaries, buying a first home could be a reality for many. If you are a Millennial fitting this description, you may have already created your Pinterest board of awesome house pictures and binge-watched a zillion episodes of House Hunters.
You should read this Ernst & Young, Regus announced as anchor tenants at Brightline’s MiamiCentral
You know what that dream house looks like. You have saved for the down payment. Now you must ask yourself: Is it time to take the plunge? The process is more complicated than it looks and it can be overwhelming to even think that the home you can afford now may not be ideal as your “forever home.” The quaint two-bedroom bungalow seems like the perfect space today, especially coming from a one-bedroom apartment, but what happens if you want kids or more room or a more desirable area? There is lots of potential to outgrow your first love-nest quickly.
Starter Home Now Or Keep Saving?
You may have guessed that I would advise you to weigh your options. Before you panic, just consider your cohorts. According to the National Association of Realtors, “…for the last three years… Generation Y/Millennials (buyers 18 to 35) is the largest share of home buyers at 35 percent.” So, many of you Millennials are actually purchasing homes. And, if you’re worried about what to buy or how long to save, consider that “The most common type of home purchased continues to be the detached single-family home.”
The Positive Side
Housing prices are now coming off of their lows and should continue to rise through 2016. Mortgage rates are also still low, but if you listen closely to Janet Yellen, they will not be low forever.