11/09/2020
How the Pandemic Is Helping Some Millennials Realize Their - 🏡Buying Dreams❗
This year’s coronavirus pandemic and the accompanying recession have turned a lot of people’s financial plans upside down. But those millennials who’ve been lucky enough to hang onto their jobs are fast-tracking their plans to buy a home, in part because the pandemic is helping them do so.
The nation’s largest generation has been helped by record-low mortgage interest rates, according to a recent realtor.com® survey.
In addition, the survey results show that stay-at-home orders have helped these 20- and 30-somethings save money they might otherwise have spent going out, thus helping them amass a down payment.
The report is based on a June survey of 2,000 home shoppers who plan to purchase a home within the next year.
“For those who have weathered the pandemic well by keeping their jobs, there have been some opportunities to become homeowners. They can take advantage of low mortgage rates, they may be able to save more for a down payment because they’re not spending as much going out,” says http://ow.ly/24CD50BPxhY Chief Economist Danielle Hale.
Almost half of millennials, 49%, pushed up their plans to buy a home due to the pandemic, according to the survey.
Many are motivated to move because their current home doesn’t fit their needs anymore (26%), according to the survey. A big backyard, a home office, and space for the kids to do schoolwork never sounded so good!
“Wanting to capitalize on low mortgage rates and buy before prices go up even further is accelerating the buying timeline,”
✏️says Hale.
✍🏼 Real Estate News & Insights | By
