Millenials starting to embrace home ownership
It’s the beginning of a new era as millennials emerge onto the home buying scene. This group, roughly comprised of 28-35 year olds, is getting older and wealthier and is increasingly seeing real estate as a sound investment option.
But in true younger-generation style, their tastes and preferences are different from those of other eras.
Many want to live somewhere with a more urban feel, even if they’re not in an actual urban area. They’re less likely to want or need parking, and instead are drawn to public transportation and ride-sharing services. They also value a neighborhood feel and a sense of community when considering location.
This is good news for Elmhurst, which is right on the Metra line and offers an abundance of housing options, both multi-unit and single family, near transportation, restaurants, and shopping. In fact, we’re the perfect fit for millenials who want to get out of the actual city but may not be ready to commit to a large riding lawn mower.
In addition to the newer condos and townhouses encircling downtown, Elmhurst still has a wide variety of homes in the entry-level price range. And our excellent schools and parks (to say nothing of the numerous fitness clubs) make Elmhurst the perfect landing spot for millennial buyers.
Of course, interest rates are rising, which could impact how many millenials will be able to buy. After an initial rate hike in December, sales for that age group dipped, even though the rates remain at historic lows.
The reality is, however, that inventory for first-time homebuyers is also at a low point. And with the Federal Reserve indicating a possibility of two or three more hikes in 2017, millenials are expected to overcome their financial jitters and remain a force.
For more information about what it takes to purchase a home or condo, give us a call at (630) 441-5570 or visit our website, www.gmregroup.com. We’re always available to talk Elmhurst real estate!