Owning a home is on the rise

When you’ve worked in real estate, you’ll see a few recurring topics that pop up here and there. One of them is about the shifting marketing. Millennials are not the typical buyers and prefer to rent for extended periods of time. However, recent data indicates that this might be changing.

Over the past few years, we’ve been tracking to see just how millennials entering the firsttime buyer market will change things. When you look at their debt upon graduating college, you can start to see why they might not want to incur too much more debt. With 69 percent of graduating college students each holding an average of $35,185 upon graduation, it’s not big wonder that they aren’t jumping right into the buying market. When mortgage companies factor in the debt to income ratio, outstanding loans, etc., even those wanting to buy a home would be hard pressed to get qualified.

Now, debt isn’t the only thing that is keeping millennials out of the market. Recently, a colleague of mine wrote an article about how millennials don’t want to be tied down. They prefer to cut the strings that limit their freedom. This is a phenomenon seen across markets. With television, we’ve seen the cord cutters who’ve abandoned typical cable in favor of Netflix, HBO Now, Prime Video, and others. The same principle applies here, except in a much greater fashion. Being tied to a cable bill and being tied to a mortgage are very different things.

This is all good information to look at. Without understanding the people who make up the market, you’ll be hard pressed to find out how to navigate it. But, this is an incomplete picture. With the economy on the up and up, we’re seeing millennials