NEW YORK, Feb. 26, 2013 /PRNewswire-iReach/ -- It seems like realtors are finally getting their wish, as younger Americans are starting to dip their toes into the housing market. It has been a long journey for many of these younger buyers, though. Saddled by student loan debts that keep getting higher every year, a jobs market that seems to be especially-unkind to younger workers, and general fears about investing the next 15 or 30 years into something that has spent the last several years losing value – there have been all kinds of reasons for younger Americans to stay far, far away from the housing market. But times have started to change.
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One of the biggest changes has been in monthly rent payments. The team at Realtypin.com has been keeping tabs on rental prices for months, and in many big cities, those prices higher than they've ever been. And, unfortunately, with many people still afraid to buy homes (or unable to buy homes, thanks to stricter mortgage guidelines), landlords don't have a reason to lower their prices.
So, for younger Americans who have a steady income and some money saved up, they're better off buying! After all, in many places, it's cheaper to buy – and when you do, your monthly payments build equity. When you rent, your monthly payments are the real estate equivalent of flushing money down the toilet.
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Another big change has been in mortgage rates. While they sat at record-low levels throughout 2012, younger Americans realize that trend isn't going to last forever. So, they're going out and buying homes while they can still get a good deal on a home loan.
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And despite all of the trials and tribulations of the recession, younger Americans still believe that owning a home is part of the American Dream. In fact, a recent study conducted by Better Homes and Gardens showed that 18 to 25 year olds really value home ownership – so much so, that there has been a buying surge in that age group over the past few months. In fact, one Texas realtor said that 50% of her current clients are young.
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But what about all of those younger Americans who had to move back in with Mom and Dad? Many of them are still living with their parents in order to make ends meet. However, some younger Americans used that time to find a job and save up. Now, they've got the money to spend on a down payment. And, considering that most home values are still well below their pre-recession levels, affording one is easier today than it was a few years ago!
Media Contact: James Paffrath RealtyPin.com, 1-(866) 960-8649, firstname.lastname@example.org
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