Millennial Homebuyers Most Active Generation in 2017
For the fifth consecutive year, millennial homebuyers-- those born between the early 1980s to the early 2000s--- were the most active generation of homebuyers in 2017. According to a study by the National Association of Realtors, millennials made 36 percent of all home purchases in 2017 despite increasing home prices and fewer homes available on the market. However, real estate experts say that millennials still lag behind previous generations in their rates of home ownership. Many millennials continue to rent because they have been priced out of the market due to rising prices or because they cannot afford to save a down payment for a new home due to student loans and other debt. Although surveys indicate that millennials prefer urban areas, over half of millennial home buyers bought homes in the suburbs, where less expensive housing options can be found, in 2017. Only 15 percent of millennial buyers purchased homes in urban areas, and only 2 percent of millennial buyers purchased units in condominiums.
Buying a new home or condo in the Atlanta area or anywhere else in Georgia? Refinancing an existing home? Contact Peachtree Mortgage Services, Inc. at 770.481.0052 or by email at peachmtg@bellsouth.net.
* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.