Tag Archives: Millennials

First-time homebuyers in the market today are waiting longer periods of time to purchase a home and are less likely to be married compared to first-time buyers in the 1970s and 1980s, according to a Zillow analysis released Monday.

New research from Trulia found that only a small portion of millennials who plan to buy a home will do so within the next year, while the rest plan to wait two years or more.

More millennials are valuing homeownership these days and trying harder to gather the funds to buy a home of their own, as a recent survey conducted by Washington, D.C.-based business advisory firm the Collingwood Group indicated. The survey, released Tuesday, showed that 65 percent of people polled between the ages of 24 and 34 were willing to forego modern conveniences in order to save for a down payment to purchase a home.

The conflicts of student loan debt surpass just actual repayment. Trulia research titled "The Debt of Wrath: Do Student Loans Affect Saving for a Home?" recently found that college degrees hinder young millennials from saving up for a 20 percent down payment on a home due to student loan repayment, but in the most expensive markets, only those with a college degree will be capable of saving up enough for a home in their lifetime.

Millennials are leaning toward single-family homes when browsing the housing market. A recent analysis from Fannie Mae titled “Rent or Own, Young Adults Still Prefer Single-Family Homes” determined that householders aged 25-34 were more likely to occupy a single-family home in 2013 than in 2006, during the peak of the last housing cycle.

Millennials have become more positive when it comes purchasing their first home and are primed to gain market share in the second half of the year, based on the results of Realtor.com’s Consumer Behavior Survey. Relator.com found that 65 percent of the survey respondents indicated that they intend to buy a home within three months, up from 54 percent in January.

Commentary is an ongoing series on theMReport.com that focuses on opinions, ideas, and insights from experts across mortgage banking. This analysis features Cari McCue, Guardian Mortgage’s COO, discussing how long-term demographic trends will affect the mortgage industry.

A TransUnion study discovered that in spite of the rises in student-loan balances for the past decade, younger consumers have not allowed loan obligations to hinder repayment of other credit-related items such as auto loans and mortgages when compared with peers with no student loans. These findings place a contradiction on the belief that student debt is preventing young adults from accessing credit.

Millennials, which are viewed by many analysts as the key to driving the housing market recovery, are actively seeking credit but largely being denied, according to a white paper released Tuesday by ID Analytics titled "Millennials: High Risk or Untapped Opportunity?"

The housing market will move steadily in 2015 driven by solid labor market improvements, low mortgage rates, an economy that is growing, and pent-up demand–but the pace should really pick up next year, according to economists who attended the National Association of Home Builders (NAHB) 2015 Spring Construction Forecast Webinar earlier this week.