From renting for years or living with parents to buying a home that is beyond the starter home, most Millennials are saving up for their forever home.

Market and Perspective Shift

The 2018 Home Buyer and Seller Generational Trends report from the National Association of Realtors show that Millennials are holding the highest share of home buying activity over all other generations. Millennials hold the market share of house buying at 36% and have transacted over one-third of all home purchases in 2017.

Millennials are willing to wait to purchase their first home. By renting or living with parents, many millennials in their mid-30s can afford higher-priced houses because they saved up and got better jobs. They are going after bigger homes because getting married and starting a family is now in their line of vision. Another reason tends to be because of the shrinking pool of starter homes in many regions. So instead of choosing to buy a more affordable house with a long renovation list, millennials are willing to pay for homes that need little to no work.

Millennials are also using an agent to find their home, choosing to live by friends and family – versus good schools – and bypassing the traditional gateway to home ownership and acquiring larger, more expensive homes they can grow into. Also, many millennials are planning to stay in their first homes longer because of the time and money spent searching for their ideal place.

Tools to Help Buy Your Home

At DEXSTA, our goal is to provide the best service to our members at competitive rates. When buying your first home, you will most likely need a home loan option. But before that, you should consider getting pre-qualified your loan. You’ll meet with a loan officer and share your financial information, and the loan officer will calculate how much you’ll be prequalified for. After that, you might want to get pre-approved for your mortgage; this will show that you’re a serious buyer to the seller. Contact us or stop into one of our DEXSTA Federal Credit Union branches. Our mortgage loan center makes it easy for pre-qualification, custom rates, and expert advice to guide you through the house loan process and on your way to home buying.