The profile went on to state that 50% of millennials believe that their rent will increase, with 20% believing that an increase in rent will be the catalyst that pushes them to consider buying a home vs. renewing their lease.
So, what is holding renters back?
“Housing demand in 2018 will be fueled by more millennials finally deciding to marry
and have kids and the expectations that solid job growth and the strengthening economy
will push incomes higher.”
Yun goes on to warn that,
“However, with prices and mortgage rates also expected to increase, affordability pressures
will persist. That is why it is critical for much of the country to start seeing a significant hike in
new and existing housing supply. Otherwise, many would-be first-time buyers will be forced
to continue renting and not reach their dream of being a homeowner.”
If you are one of the many homeowners whose houses no longer fit their needs and are looking to move up to your dream home, now is a great time to list your starter home! First-time buyers are out in force looking to achieve their American Dream.
If you have any questions about the home buying process, just call/text me at 602-295-6807 and I can help evaluate your ability to purchase your dream home!
Helping to Make a Difference in Your Life,
Troy Erickson Realtor