First-time home buyers are important to the health of the housing market. They typically account for around 40 percent of the homes sold. That number has fallen in recent years but a stronger economy and job market has led to increasing demand among younger home buyers.
One recent survey reported an overwhelming majority of Americans between the ages of 18 and 34 say they want to own a home. If they don’t already, that is. That may not seem like a terribly surprising survey result. What IS surprising about it is the fact that the youngest respondents were among the most enthusiastic. Generation Z (Americans between the ages of 18 and 24) were more than twice as likely as previous generations to have started, or plan to start, saving for a home before the age of 25. Also, two in five Gen-Z participants said they hope to become homeowners by that age.
While they want to become homeowners, they may not have the same motivations as previous generations. “Living the American Dream” and viewing real estate as a good investment weren’t their top motivations. Instead, the driving force behind these potential young home buyers is wanting to be able to customize their own space. 61 percent of them to be precise!
Whether you are a young home buyer looking for your first home or a current owner looking for your next home call Jennifer Bixby to get started searching for the home of your dreams.
This article is provided by Jennifer Bixby, the broker for Don Peterson and Associates Real Estate, 100 E. 6th St. Jennifer can be reached at 402-721-9700 for answers to real estate questions or visit www.teambixby.com on the web. Read some more of Jennifer’s articles here.