Millennials Are Increasing The Demand For Condominiums

Dated: 07/09/2019

Views: 97

Millennials Are Increasing the Demand for Condominiums | Keeping Current Matters

When deciding to buy a home, people are presented with many different options. The type of home you buy depends on your needs, budget, and in many cases, the desired maintenance level. For many millennials, their choice has been buying a condominium!

According to CoreLogic,

Last year about 43% of all condo home-purchase mortgage applications were submitted by FTHBs… Similarly, the data show condos were more popular with young homebuyers and empty nesters. For instance, 21% of all condo home-purchase mortgage applications were submitted by buyers aged 18 to 30, compared with just 17% of all single-family home-purchase mortgage applications by the same group in 2018.”

With home prices increasing year-over-year, it makes sense millennials are buying condos instead of a single-family house. As a result, the demand for this type of home has been increasing.Millennials Are Increasing the Demand for Condominiums | Keeping Current MattersAs this graph explains,

The younger millennials are the largest cohort and are likely to drive much of the condo demand in the coming years”.

Bottom Line

If you are a millennial considering buying a home, understand that there are many options available. You may find yourself in a condominium as your first home. If you would like to determine which type of home best fits your needs, sit down with a real estate professional that can help evaluate your options!

Source: Keeping Current Matters.

Blog author image

Jane Skulstad

Welcome! As a REALTOR® and SRES® - Seniors Real Estate Specialist affiliated with HomeSmart Elite and the Valley Solutions Team, I am here to help you buy, sell or invest in Real Estate. I can al....

Want to Advertise on this Site?

Latest Blog Posts

Planning On Buying A Home Be Sure You Know Your Options

When you’re ready to buy, you’ll need to determine if you prefer the charm of an existing home or the look and feel of a newer build. With limited existing home inventory available

Read More

The 1 Reason To List Your House In The Winter

Many sellers believe spring is the best time to put their homes on the market because buyer demand traditionally increases at that time of year. What they don’t realize is if every homeowner

Read More

How To Determine If You Can Afford To Buy A Home

The gap between the increase in personal income and residential real estate prices has been used to defend the concept that we are experiencing an affordability crisis in housing today. It is

Read More