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December 2017   Volume 43, Number 12      
 

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Millennials Going Over Budget to Buy Homes

Millennials have spent $514 billion in the U.S. housing market over the past year as the largest generation of home buyers, said Zillow Inc., Seattle. However, new survey data shows their homeownership aspirations are stymied by affordability issues, frustration with the process of buying and selling, as well as a “cutthroat” housing market.

The Zillow Group Report on Consumer Housing Trends 2017 said 53 percent of young buyers make multiple offers to buy their first home; only 39 percent of millennials (two in five) are able to make the recommended 20 percent or more down payment.

“In many cities across the U.S., the housing market is extremely competitive, especially for first-time buyers who are looking to purchase a starter home,” said Zillow Chief Economist Svenja Gudell. “Young buyers often start their careers in fast-growing cities in which the market is particularly tough—and they’re trying to save for a down payment while making record-high rent payments.”

The survey asked more than 13,000 U.S. residents aged 18 to 75 about their homes, namely how they searched for them, pay for them, maintain and improve them, and what frustrations and aspirations have colored their decision-making processes.

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In this issue:

Homebuyers Rush to Riskier Mortgages As Home Prices Rise

Amazon Ventures Into Real Estate With Hire a Realtor Service

Digital Real Estate Platform Home61 Raises $4 Million

Homebuyers Can Now Crowdfund Their Mortgage Down Payments

Millennials Going Over Budget to Buy Homes

National Flood Insurance Program Might Not Be Able to Fulfill Obligations to Homeowners

San Francisco Most Over-valued Market in U.S.

Trump Tax Reform Sparks Fears for California Realtors

Weekly Mortgage Applications Stall Along With Rates and Home Sales

10 Reasons to Schedule a Seller Counseling Session



 


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