• English
  • Español
AGENTS: Did you know you can share a personalized version of this post? Learn more!
, ,

Are Millennials Finally Entering the Market?

Are Millennials Finally Entering the Market?

It appears that Millennials are finally beginning to enter the housing market. In a recent report, CoreLogic looked at the annual net change in household formations over the last decade (see graph below):

Household Formations | Keeping Current Matters

It appears this is the year that Millennials are finally moving out of their parents’ basements and finding a place of their own. And they are not all renting

According to the National Association of Realtors’ latest Existing Home Sales Report, the percentage of first–time buyers rebounded to 32 percent in August, up from 28 percent in July and matching the highest share of the year set in May.

What has kept the others from buying a home?

Recent surveys have revealed that there are major misunderstandings as to what is required to get a mortgage in today’s lending environment. Many Americans believe you need at least a 780 FICO score and a 20% down payment.

In reality, neither is required. Here are the mortgage statistics (FICO score, % of down payment, mortgage interest rate and debt-to-income ratio) for Millennials who have completed the mortgage process in the first half of this year according to realtor.com:

Millennial Mortgage Statistics | Keeping Current Matters

Bottom Line

More and more Millennials are beginning to enter the housing market. As they begin to better understand the mortgage process, we will see even greater numbers buying a home.


Members: Sign in now to set up your Personalized Posts & start sharing today!

Not a Member Yet? Click Here to learn more about KCM’s newest feature, Personalized Posts.

Have You Set Up Personalized Posts Yet? | Keeping Current Matters

Members: Sign in now to set up your Personalized Posts & start sharing today!

Not a Member Yet? Click Here to learn more about KCM’s newest feature, Personalized Posts.

2 replies
  1. Ken Walker
    Ken Walker says:

    Your blogs are great. It’s really good to see someone else spreading useful and beneficial information not only to other agents but also to home buyers and borrowers. Thanks!
    Best, Ken – Another Guy in the White Hat
    Sun Pacific Mortgage & Real Estate
    Hard Money Broker Serving all of CA since 1988!

    Reply

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *