In July, the average 30-year fixed-rate mortgage fell below 3% for the first time in history.1 And while many Americans have rushed to take advantage of this unprecedented opportunity, others
Austin Millennials Topping Sales While Lacking Housing
Millennials topped home purchases for the fifth year in a row according to an article by the National Association of Realtors: “Millennials Lead All Homebuyers, Even as Some Can’t Escape Their Parents.” They accounted for 36% of home purchases. Despite the fact they are the largest portion of home purchasers, Millennials are actually underperforming. “Inventory constraints and higher housing costs” are the cause. Data shows that the “typical Millennial” had more income than in 2017 but tended to purchase the same size home, as they would have in 2017, at a significantly higher price. Student debt was also higher than the year before. This housing issue is reflected in buyers trends. There are growing numbers of Boomers and Generation X buyers purchasing multigenerational homes to house their adult children. Numbers housing their parents has also grown.
Housing is increasingly expensive, and even though Millennials account for a large portion of home purchases they are in fact not performing as well as they should be.
If you know someone who is having a tough time finding the right home, contact me. Let’s explore your options.
Keeping you informed,
Donna L Bovee
Team Price Real Estate
Price Commercial Real Estate
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