Are Millennials Finally Entering the Market?

It appears that Millennials are finally beginning to enter the housing market. In a recent report, CoreLogic looked at the annual net change in household formations over the last decade (see graph below): Household Formations | Keeping Current Matters It appears this is the year that Millennials are finally moving out of their parents’ basements and finding a place of their own. And they are not all renting According to the National Association of Realtors’ latest Existing Home Sales Report, the percentage of first–time buyers rebounded to 32 percent in August, up from 28 percent in July and matching the highest share of the year set in May.

What has kept the others from buying a home?

Recent surveys have revealed that there are major misunderstandings as to what is required to get a mortgage in today’s lending environment. Many Americans believe you need at least a 780 FICO score and a 20% down payment. In reality, neither is required. Here are the mortgage statistics (FICO score, % of down payment, mortgage interest rate and debt-to-income ratio) for Millennials who have completed the mortgage process in the first half of this year according to realtor.com: Millennial Mortgage Statistics | Keeping Current Matters

Bottom Line

More and more Millennials are beginning to enter the housing market. As they begin to better understand the mortgage process, we will see even greater numbers buying a home.

Source:  http://www.keepingcurrentmatters.com/2015/10/14/are-millennials-finally-entering-the-market/

avatar About Landmark

RE/MAX Landmark is the award-winning RE/MAX Real Estate Office serving all of Eastern Massachusetts and the Greater Boston Area. Reach us at any one of the following locations:
Lexington: (781) 861-7300
Sharon: (781) 784-6300
Stoughton: (781) 341-6100

The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein.

Terms Of Use | All Rights Reserved by Landmark | No use without prior written authorization
Web Design by Kristian Themstrup · Powered by WordPress and Genesis