Real estate is on millennials to do list despite the stalled wage growth and housing market fears in the United States.
The National Association of Realtors show that the amount of first-time home buyers increased 3 percent year-over-year. They made up of 33 percent of the home mortgage market in May.
First-time home buyers can be categorized as someone who has not owned a home in the past three years.
Fannie Mae statistics shows that first-time home buyers make up of 42 percent of all home mortgages from January to April which is up 2 percent from 2016.
As interest amongst the millennials is rising in home buying, whether or not that will be a good idea is at question. The Federal Reserve just raised their interest rates which will affect the millennials in search for a mortgage.
Despite this, having this increase of interest does show that the market for housing is growing. With rising demand for housing brings business to the construction market and mortgage market as well. Whether or not this interest will fade out because of the housing market stability concerns or interest rate rises is to be seen within the next few years.
In reference to Despite market fears, millennials are buying into home buying on 14 July 2017 in The Real Deal.