Millennials Are Ready To Adult and Prioritize Homeownership
December 6, 2018
Bank of America’s latest homebuyer insight report reveals millennials consider homeownership a high priority. And it's perfect timing. With rising inventory across Southern California, now is a great time for first time buyers and others to take advantage and find exactly what they need on the real estate market. If you're considering a purchase, start by taking our Homebuyer Survey to find out what you currently qualify for, including tons of options for renters with programs that require as little as 3% down.
Speaking of renters, for the first time, Bank of America geared their buyer's report - which explores the psyche of the modern homebuyer - toward looking specifically at those renting who plan to someday own a home. Based on a survey of milestones they feel are a top priority, owning a home was the second highest priority for millennials.
53% of millennials equate owning a home with personal success and 45% equate it with financial success. What is perhaps the most interesting fact is that when thinking about buying their first home, 47% of millennials responded that they feel mature, responsible, and "like an adult".
Adulting is officially a verb, recognized by Merriam-Webster, meaning to behave like an adult, specifically to do the things—often mundane—that an adult is expected to do. Traditionally associated with tasks like doing the dishes, paying bills, and scheduling dental appointments, the respondents in this study appear to be attaching a much more positive association with the word. Among the other feelings associated with buying their first home is independent (36%), established (34%), and empowered (26%).
With mortgage rates remaining low around 4.81% according to our latest Homebuyer's Mortgage Watch, and inventory rising across the board in Southern California, now is a great time for renters to consider a home purchase.
Check out the infographic below to see the full breakdown of priorities and findings from the report. And if now is the right time in your life to make a purchase, start searching homes for sale now. You never know when your dream home will hit the market.