Millennials Drive Demand For Affordable Homes

Dated: February 22 2023

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There have been a few factors fueling buyer demand in the past three years. Indeed, historically low mortgage rates drove some Americans to buy a house sooner than they may have otherwise. But most people don't buy a home simply because market conditions are favorable. Most of us buy because of a significant life change like a new job, getting married, or having kids. That never changes, so demographics will play a more significant role in the housing market in the months ahead than affordability conditions.

 

For example, a recent consumer survey found the median age of first-time buyers last year was 35. The millennial generation – the largest group in the U.S. at around 72 million people – is between their late twenties and early forties. That means many Americans are entering the stage of life when they're likely to buy their first home. It also means spring buyers should be prepared for competition, especially in the more affordable price ranges that appeal to younger home shoppers.

 

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Michael Downer

Your Luxury REALTOR®, Trusted Advisor — Quintessential Naples Team at Downing-Frye Realty®Michael "Mike" Downer is the REALTOR® you want in your corner when buying or selling real es....

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