- Homeownership rate for 25-34 year olds jumped from 36.5% in Q4 2018 to 37.6% in Q4 2019.
- According to the latest US Census Bureau’s Housing Vacancies and Homeownership release, the country’s home ownership rate climbed to 65.1% in Q4 2019, the highest rate in 6 years.
- The number of homeowners jumped +1.3M during 2019, an increase of +0.3%.
Homeownership in the US has increased in all age categories except 35-44 year olds, according to CoreLogic. Millennials, however, with an increase in home ownership rates from 36.5% in Q4 2018 to 37.6% in Q4 2019, outnumber the tail-end cohort of Gen-Xers and therefore offset that older generation’s ownership dip.
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But, even though Millennials are increasingly becoming homeowners, Millennials remain overwhelmed by the home buying process.
According to TD Bank’s First-Time Homebuyer Pulse survey,
- 75% of Millennials admit to feeling overwhelmed by the home buying process
- 57% of Millennials are worried about the state of the economy.
- 50% are worried about job security while simultaneously looking for a home.
- 35% are worried about their relationship with their significant other with whom they plan to purchase a home.
- 47% are worried about potential policy changes due to November’s upcoming election
That being said, according to this same TD Bank survey,
- 68% of Millennials believe that now is a good time to buy due to low interest rates and a strong economy.
- 55% of Millennials say they would receive some kind of financial help from their parents if/when they buy their first home.
- 52% are actively searching online for home listings.
- 52% of Millennials have begun saving for a down payment.
- 53% have reviewed their credit report.
- 42% have begun budgeting for their home purchase.
- 30% have already spoken with a lender.
Bottom line for agents…be patient with Millennial clients and their families, provide educational information and work with Millennial clients in their time frame, not yours.
Thanks to CoreLogic’s Frank Nothaft, TDBank and HousingWire’s Julia Falcon for source data.