We all know the impact Millennials have for any industry as dominating consumers, and home buying is no different. As this generation’s older tier reach their 30s, more and more are foregoing pricy weddings and delaying marriage in favor of mortgages and homeownership.
According to the Forbes article, Why Millennials Are Better At Home Buying Than You, Millennials will represent the largest group of home buyers in America for the second year in a row. At 32% of the market, this number is expected to continue rising in the coming years. The article states Millennials look to home ownership as an investment, and with this, the time period for ownership is also shortening. Financial institutions are recognizing this trend and have responded with special programs for first-time buyers that require a lower down payment, since most Millennials have less cash on hand to invest. Read the full Forbes article.
What does this mean for Austin? Ranked number 5 on Realtor.com’s article, Where are Millennials Most Likely to Buy in 2016, we boast a 24% higher share of 25-34 year olds than the nation as a whole, as well as an unemployment rate of only 3.3%. With a median list price for a home of $367,000 it doesn’t seem like the housing boom will slow down any time soon. See the full list here.
Lennar Austin has multiple communities throughout Austin and Central Texas with homes ready for move in, with pricing starting in the $200s. Don’t forget about Lennar’s “Everything’s Included®” Homes, where all the luxury features you expect are already included!
For more information please contact our Internet New Home Consultant, Ashley for more information at 512-596-7703.