Millennial And The Relation To Housing Market
Millennial are a group of a generation who believes education traveling, adventures, and generally a luxurious lifestyle. In order to fulfill that, they are required to work and earn harder. If you lie in the group of millennial, you would want a lifestyle according to your needs. the first thing you would need if you are a millennial is your own home, not your parent’s but your own home.
Millennial are the group who first gave light to home ownership and they are the cause of an increase in home ownership according to a recent survey. Millennial have a goat set of their own personal house but they first need to think about paying off their college fees, setting aside traveling and eating out expenditures and their luxurious spending. They have caused an increase in the housing market and the construction of more single unit homes.
How Do Millennial Influence The Housing Market?
The housing market is a big industry, but sadly, there are not many buyers, that is because of affordability issues, unstable job market, and an insecure future, so the easiest way out is to rent portions of a house or a room. According to a recent survey, most millennial live with their parents or on rent, that is because they do not want to spend their earnings on something which they do not need.
Also, the millennial feel that a home is for people who are married and not for bachelors. That can be true in case of females, but the male sector of the millennial need to realize the importance of a home. Secondly, the millennial also do not go for a separate house because they do not find the one according to their need. They scoff at the sight of old-fashioned two-story houses, they need something young, energetic and which requires less maintenance. Building such types of homes will greatly give a boost to the housing market.
The Mortgage Rates
The millennial are the luckiest from their previous generations as they have gotten the best mortgage rates. Buying a house is now so easy as there are many types of houses available in the market with many types of pricing criteria. The housing market could boom immensely if they create houses with an excellent neighborhood with all the everyday facilities nearby along with some recreational facilities, as the millennial are impressed and attracted with bling.
Lower mortgage rates and ease in installments can be an added benefit for the first time home buyers and also for the housing industry. The millennials are not an easy target to attract and re not persuaded easily. They need something more than just a house.
Posted by Randy Blakeslee - GetnSocial