Millennials It Is Time Buy Your First Home

Dated: June 28 2016

Views: 352

If you are a Millennial and you’re still renting, you need to seriously think about buying your first home. 

Here are some quick statistics for the Austin Metro:

  • This June, the average monthly rent just went from $1,776 to $1,908 per month, or a 7 ½ % increase as compared to June 2015.

  • During the same timeframe, the median home sale price went from $273,000 to $298,000, or over a 9% increase as compared to June 2015.

At a 93% occupancy rate in the Austin area, rents are going to continue to move upward, home prices will continue to appreciate and interest rates are at an all-time low. if you are still living with mom and dad, saving your money at the bank, inflation is eating up any profit you think your making.

What does it take to get into your first home? 

Well, according to a recent article in culturemap Dallas, Texas first-time buyers have an average of $60,000 and a credit score of 710.  This is less than the US average of $65,000 a year and a credit score of 730.

So, Millennial or not, if you fit the bill, give me a call because I can help.

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