It appears that millennials have understood the importance of home buying and wealth building. Currently, millennials make up about 45% of homeowners, which is the largest percentage of homeowners in the country. In this article, we look at the top reasons why millennials are the strongest buying force on the market.
Mortgage Rates Are Low
This may be an understatement because mortgage rates are not just low. They are the lowest they have been in history. That means it’s now more affordable to finance a home purchase, and millennials have realized that it’s time to take advantage since mortgage rates won’t always be this low. Therefore, millennials have a great opportunity to save thousands of dollars on mortgages. If you’re looking for acreage homesites near Houston, now is a good time as ever to buy one.
Homeownership Makes Sense Economically
Millennials have access to a lot of information these days, and the current trend leans towards homeownership as a great way to build wealth. Millennials have access to the financial information that helps them understand why buying a home makes sense financially. Additionally, once you become a homeowner and build more equity, it becomes easier to upgrade to a more valuable home, so it’s an easy way to build wealth.
Millennials Have Access to Technology
Technology has made it easier for millennials to buy homes. The internet is flush with home offers, and millennials can easily access the offers using a smart device. The process of finding, viewing, and purchasing a home can happen mostly online, and millennials can even get a mortgage online! Overall, this takes the legwork out of buying a home, considering that in the past, boomers had to make endless trips to the bank and to the real estate agent’s office before the process of buying a home was finalized.
For instance, when you do the math, it’s easy to see why owning a home is more economical than renting, especially if you come from a low-income household. There are acreage homesites near Houston that come with a spacious space suitable for building a family home at an affordable price, what with the competitively priced mortgages currently available.
As you can see, millennials are dominating the home buying market because they have realized the benefits of homeownership and now have access to lower mortgage rates that make it more affordable to be a homeowner.
If you’re looking to join the bandwagon and are looking for acreage homesites near Houston, we can make your search easier, so be sure to give us a call. We would love to chat with you!