It’s about to get even harder for Millennials to buy their first homes. Nearly 45 million Americans will reach the typical age for first-time home buyers within the next 10 years,creating stumbling blocks in an already challenging market for those racing for a spot in the starter home market.
Though the current housing market is cooling off, this coming wave of buyers faces a future starter-home market with now-familiar dynamics: relatively high demand and low supply, in which the stiff competition among buyers worsens the affordability issues caused by rising prices. The Mr. Cooper report found that 58% of aspiring homeowners lack the funds for a down payment; nearly half don’t have a financial plan in place to purchase a home someday; 75% would be willing to work a side job if it meant owning a home sooner; and 36% would have a roommate if it meant being able to afford a home sooner.
Heck yeah! Especially if you’re in SoCal or in Bay Area. Good luck.
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