Boston downtown condo buyers – Keep the faith
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Boston downtown condo buyers – Keep the faith
Millennials, also known as Generation Y, are typically defined as people born between 1981 and 1996. This generation is often characterized by their digital literacy and their experience with the rapid evolution of technology and social media. They are also known for their views on social issues and their approach to careers and finances.
Boston ranks below the national average for millennial homeownership rates, according to a new report from Apartment List.
Using data from the United States Census Bureau, Apartment List found that Boston ranks No. 43 among the nation’s 55 largest metros for rates of millennial homeownership. Just 39% of millennials in Boston own homes, compared to the national average of 47%.
The report found that millennials nationwide have been slower to purchase homes than previous generations, and millennials in coastal cities lag the furthest. Boston ranks lower for rates of millennial homeownership, but not below other large coastal metro areas like Los Angeles, New York and San Jose.
Rob Warnock, senior research associate at Apartment List explained that many millennials may be opting to rent rather than buy, both for financial reasons and due to lack of inventory.
“Throughout their 20s, Millennials were held back from homeownership in part because of the Great Recession,” he said. “The post-recession period was also defined by a shift in new home construction: less investment in suburban, single-family homes and greater investment in urban, multifamily apartments. So as the economy recovered and Millennials were drawn to jobs in centrally-located cities, many found that renting apartments made more financial sense than buying starter homes, which were becoming increasingly scarce and expensive.”
Boston downtown condo buyers – Keep the faith
I read an article about Millenials who are giving up on owning a piece of Boston real estate. I remember feeling that way myself back when I had a full set of hair and interest rates were in the double digits. Boston condos were less expensive back then but those mortgage payments were killer.
Wages have not gone up as much as downtown Boston real estate prices have and housing is more expensive than it was when I was a first-time homebuyer. Back in those days, I wanted to own a condominium very badly. I never gave up and eventually, I was able to buy a downtown Boston condo.
I got some help though. I was able to get a down payment and closing cost assistance. That is why I have a link over the right to a resource for various grants and loans for cash-strapped home buyers. There is money out there and the site will help you find it. Click here to see if you are eligible. I have worked with numerous clients over the years who have used the programs on the site.
Also, ask your lender about programs for first-time homebuyers.
Boston Real Estate and the Bottom Line
What else can I say – Keep the faith
