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Are You 1 of the 59 Million Planning to Buy This Year?

Are You 1 of the 59 Million Planning to Buy This Year? | Simplifying The Market

Are You 1 of the 59 Million Planning to Buy This Year?

According to a survey conducted by Bankrate.com, one in four Americans are considering buying a home this year. If this statistic proves to be true, that means that 59 million people will be looking to enter the housing market in 2017.

The survey also revealed 3 key takeaways:

  1. Those most likely to buy are ‘Older Millennials’ (ages 27-36) or ‘Generation X’ (ages 37-52)
  2. Minorities, particularly African-Americans, were twice as likely to respond that they were considering purchasing a home this year than white respondents.
  3. Many potential buyers believe they need to put 20% down and need to have perfect credit to own and are unaware of programs that would allow them to buy now.

Holden Lewis, a mortgage analyst for Bankrate.com, pointed to one big reason why many Americans are starting to consider homeownership:

“Having kids and raising a family is a primary reason why Americans take the leap into homeownership—many consider it a key component of the American dream.”

Bottom Line

If buying a home is a part of your dream for 2017, let’s get together to determine if you are able to.

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Discussion

#1 Posted by John T. at 3/2/2017 6:02 AM
I can definitely relate to this post as part of "Generation X". It seems like the younger generation more and more is just waiting for us old folk to pass on and inherit their houses instead of buying it like we did. I'm a Louisville native born and raised and although the prices are definitely rising, I'd like to think I would have been able to purchase my home on my own regardless.
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