Experts predict that many more millennials, who already comprise the majority of the home-buying population, will become homebuyers in the coming years.
MIAMI – Experts predict that many more millennials, who already comprise the majority of the home-buying population, will become homebuyers in the coming years. Martins Realty Group CEO Bobby Martins calculates that around 180 million people will be in their prime home-buying years, whether purchasing their first home or looking to expand.
Meanwhile, a survey by eXp Realty found 87% of respondents believed people should be homeowners, or should be trying to buy a home, by age 40.
“For the next seven years, we’ll have more and more millennials at that prime age” to buy a home, in their early 30s, Martins said.
Challenging these aspirations is home-price escalation in almost every metro area, limited stock, bidding wars, and rivalry from institutional investors. Although the current housing market makes would-be homebuyers increasingly downcast about their prospects, the eXP Realty poll and other surveys signal a persistent desire for homeownership.
A LendingTree survey of 2,050 people found 88% would prefer owning a home than renting, although 48% who self-identified as renters were concerned about never being able to own a home.
The biggest obstacle to homeownership, cited by 54% of poll respondents, was their ability to afford a down payment, while 36% said buying a home in their area was too expensive and 32% said their credit score complicates their qualifying for a mortgage.
Source: South Florida Business Journal (09/02/21) Fahey, Ashley
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