First-time home buyers, typically young adults, are an important demographic when tracking the health of the housing market. That’s because, they typically make up nearly half of all home sales. In recent years, however, young Americans have been buying fewer homes than in the past. In fact, Freddie Mac’s most recent monthly outlook says 15 percent of young adults between the ages of 25 and 35 are living in their parents’ home – a five percent increase from 2000. However, it isn’t because they’re not interested in homeownership.
Largely, the economy and a lack of affordable starter homes have been to blame for a lower-than-normal number of first-time home buyers. But with an improved economy and job market, will more young adults become buyers this year? Len Kiefer, Freddie Mac’s deputy chief economist, says there’s reason for optimism. “Starting off the year, things are looking pretty good for the U.S. economy and housing markets,” Kiefer says. “Mortgage rates are low, economic growth has accelerated in recent quarters, and housing is coming off its best year in a decade.”
Whether you are buying your first home or selling your last we are ready to help you. Just give one of our Realtors a call today! Let’s sit down and discuss your real estate goals.
This artilcle was provided by Jennifer Bixby, the broker for Don Peterson and Associates Real Estate, 100 E 6th Street. Jennifer can be reached at 402-721-9700 for answers to questions regarding your real estate needs.