MILLENNIAL NEWS: MORTGAGE BEFORE MARRIAGE
Young adults are getting married later in life. In 1980, the median age of a first marriage for men was 24.7 and 22 for women, by 2018, those numbers rose to 29.8 for men and 27.8 for women.
Nearly one in four millennial buyers say they want to buy a home before deciding to tie the knot, according to new studies.
More young adults believe marriage and parenthood should come after homeownership. Twenty-seven percent of millennial buyers say they are postponing parenthood until after they purchase a home, and 22 percent are waiting to get a pet until they have a home of their own.
While first-time buyers and millennials are eager to buy, they say a shortage of homes for sale is a big hurdle they face. Two-thirds of first-time buyers surveyed say there is a shortage of affordable homes for sale in their area.
NAR data confirms a continued lack of inventory is hampering the housing market. At the end of February 2019, there was a 3.5-month supply of homes for sale, according to NAR. Most economists consider a six-month supply a balanced market for buyers and sellers.
Millennials comprise the largest share of home buyers at 37 percent, according to the National Association of REALTORS®’ newly released 2019 Home Buyers and Sellers Generational Report. Over the next two years, they are expected to enter the housing market in even higher numbers, too.
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About the writer: Shaura Cuyan writes about all the hottest Real Estate trends and predictions for Summit VA Solutions! She has previously written for a number of freelancing gigs and writes her own blog on lifestyle and current issues. She is a Graduate of Bachelor of Arts in Communication, taking up her Masters in Development Communication.