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The MReport Webcast: Thursday 3/24/2016

According to an analysis from NerdWallet, the idea that millennials do not want to be homeowners is false, and in fact, the majority of this generation would prefer owning over renting. But they are holding off on homeownership because of real and perceived difficulties in affording it. According to the report, millennials total 66 million individuals and 24 million independent households. The median age for first-time homebuyers has remained virtually unchanged for the past 40 years.

Millennials stated that the biggest obstacles to getting a mortgage are: First, insufficient credit score or history. Second, affording the down payment or closing costs. Third, insufficient income for monthly payments. And fourth, too much existing debt. The analysis also revealed that many millennials are unaware of down-payment options to help them obtain a mortgage loan.

ProTeck highlighted 10 core-based statistical areas for their growth in home sales prices year-over-year in its March 2016 Home Value Forecast. Five of those areas saw enough improvement in their prices to receive a rating of strong, including: Cape Coral-Fort Meyers, in Florida; Myrtle Beach-Conway-North Myrtle Beach, across the Carolinas; Durham-Chapel Hill, in North Carolina; San Francisco, California; and Nashville,Tennessee.

About Author: Seth Welborn

Seth Welborn is a Harding University graduate with a degree in English and a minor in writing. He is a contributing writer for MReport. An East Texas Native, he has studied abroad in Athens, Greece and works part-time as a photographer.
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