New studies published by Zillow and Harvard University provide data contrary to the traditional stereotype that Millennials (those aged 18 - 35) prefer to avoid home ownership and instead rent.
Census data and the Department of Housing and Urban Development found most stereotypes associated with Millennial home buyers were not true. Misconceptions include that millennials want to live in urban locations, prefer the flexibility of renting, and are unwilling to take on the financial risks of ownership in the wake of the housing market collapse.
But that's just not true. Basing their home decisions on affordability, not proximity to entertainment or work, young buyers are no longer favoring experience over building equity. With Millennial home ownership rates being 5% higher in metro areas where median home prices were 20% below the national average, it's clear that if millennials could afford to buy a home, they would.
But nationally, the home ownership rate for those under 35 hit an all-time low of 31%, according to the census. That's down from 43% in 2005.
Fortunately for those Millennials living in Hillsborough, Pasco, or Pinellas counties, there is a $15,000 First Time Homebuyer Grant that is simple to attain if the home buyer qualifies. This program is helping many Millennials throughout our area achieve their dream of home ownership while reducing the out-of-pocket costs associated with purchasing a home.
If you're ready to purchase a new home, I am a local Realtor® in the Tampa Bay area (and also a home-owning Millennial!) and would love to help you. I can also put you in touch with lenders who can tell you if you qualify for the First Time Homebuyer Program.
Keller Williams Tampa Properties
5020 W Linebaugh Ave #100
Tampa, FL 33618