A recent consumer housing sentiment study conducted by CoreLogic, an industry-leading public record that services real-estate databases and analyzes home pricing trends, assessed present attitudes towards homeownership and common reasons consumers decide to rent vs buy a home. Frank Martell, president and CEO of CoreLogic stated, “Our consumer research indicates younger millenials want to purchase homes but the majority of them consider affordability a key obstacle. Less than half of younger millennials who are currently renting feel confident they will qualify for a mortgage, especially in such a competitive environment.”
Potential buyers in the younger millennial demographic have a desire to buy, but aren’t aware of available options that are out there for them to take advantage of. The study found that “64 percent say they regularly monitor home values in their local market. However, while 80 percent of younger millennials plan to move in the next four to five years, 73 percent cite affordability as a barrier to homeownership.”
The results of this study are telling and prove there is work to do in educating the younger generations on the possibilities of owning a home. The options are out there and we are here to answer questions and set you up with the right people to get you on the right path! We work with reputable loan consultants that specialize in the financing process and would love to help in making your dreams of owning a home come true. Give us a call if you’re unsure at all about your options!