Millennials

Why millennials are flocking to Rust Belt real estate

As real estate prices in major U.S. cities continue to soar, some young buyers and renters have decided to take their business elsewhere. They're investing in homes in such states as Ohio, Michigan and Wisconsin, experts say, in search of more affordable living and new places to plant down roots.

The part of the U.S. otherwise known as the Rust Belt has been synonymous with hard times for decades, ever since manufacturing bases like Detroit began to suffer the effects of de-industrialization. Plants closed down, jobs disappeared, and once-vibrant cities became symbols of decay.

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Reaching Out to First-Time Home Buyers

During National Homeownership Monthin June, the housing industry celebrates the important role that home plays in our lives and the benefits of homeownership to households, communities and the national economy.

It’s also an exciting opportunity to help open the door of homeownership to a rising tide of first-time home buyers.

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Millennials Lead the Homeownership Resurgence

Momentum continues to build for the housing industry, as evidenced by recent news from the Census Bureau regarding homeownership.

“Contrary to some analysts’ predictions that the rate would fall to 61% or lower in the coming years, the new [Census Bureau] estimates indicate it increased to 64.2% in 2017,” said NAHB Chief Economist Robert Dietz. “The data also showed six consecutive quarters of gains in the count of home owners, with notable growth among those under the age of 35.”

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Millennial Home Buyers Send a Chill Through Rental Markets

Rising homeownership is adding to the jitters in the residential rental market, which has slumped recently after a long stretch near the top of the commercial real-estate industry.

For most of the current economic expansion, declining ownership rates have enabled landlords of apartments and single-family homes to raise rents far faster than the pace of inflation. Demand has been fueled by the millions of people who haven’t had the money, credit or desire to pursue the traditional American dream.

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The Next Hot Housing Market!

Starter Homes. Millennials are buying homes, steering builders toward lower price points. First-time buyers are rushing to buy homes after a decade on the sidelines, promising to kick a housing market already flush with luxury sales into higher gear.

Work with a someone you can trust. www.1stSecuritiesMortgage.com

By Laura Kusisto and Chris Kirkham Updated May 11, 2017 8:09 p.m. ET

 

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