5 Reasons Millennials Are Buying Homes

According to Zonda's 6^th annual millennial survey, the above graph shows why millennials are buying homes. The top five reasons include building equity, a change in life stage, wanting stability, rising home values, and wanting to make somewhere truly their own. Here's a look at each in more detail.

Building equity - Homeownership is a long-term investment that allows you to build wealth, increase your net worth, and become more financially stable. Beyond that, the alternative to owning a home is typically renting. With the way rents have risen so dramatically over time, it may make sense to build your own equity instead of your landlord’s equity. After all, why should you be paying your landlord’s mortgage with nothing to show for it?

A change in life stage - As a millennial, you're reaching your prime homebuying years. That means you may be at the point where you need more space or a different location. Maybe you recently got married and need a home for the two of you. Or, maybe you have a baby and need more space for your growing family.

Stability or settling down - This could mean establishing your career or just generally deciding more concretely what you want your life to look and feel like. As that idea becomes clearer, you may want to establish that lifestyle in a particular place and put down roots. And, unlike your rent, your mortgage payment never goes up. Owning your home can bring you the financial and budgetary stability you desire.

Rising home values - In America owning a home is the key factor to building generational wealth and taking care of your family. By purchasing a home, you own an asset that traditionally increases in value over time. That can mean your home will have a higher resale value if you decide to move again.

Wanting to make somewhere "mine" - Owning a home gives you a sense of freedom. You can customize it however you want and can make updates as you see fit. And, it’s much easier to be yourself in a place that's solely your own.

There are plenty of great reasons why millennials are buying homes today. If you've thought about becoming a homeowner and any of these reasons resonate with you too, let's connect. At The Byron Mortgage Team, we’re excited to get you started on your home ownership journey by getting you pre-approved for a mortgage.