{"id":1417,"date":"2018-05-24T23:24:00","date_gmt":"2018-05-25T06:24:00","guid":{"rendered":"https:\/\/mbapierce.tacomawebsite.net\/?p=1417"},"modified":"2024-03-23T21:36:50","modified_gmt":"2024-03-24T05:36:50","slug":"millennials-view-homeownership","status":"publish","type":"post","link":"https:\/\/masterbuilderspierce.com\/millennials-view-homeownership\/","title":{"rendered":"Millennials View Homeownership as a Key Part of the American Dream"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">As the home building industry celebrates National Homeownership Month in June, new data confirms that homeownership is a key goal of millennials, who are poised to dramatically affect the housing market in the coming years.<\/p>\n\n\n\n<figure class=\"wp-block-image alignright size-large is-resized\"><img data-src=\"https:\/\/masterbuilderspierce.com\/wp-content\/uploads\/2021\/06\/Americans-Invest-in-Housing-_-Master-Builders-Association-Pierce-County-1024x627.png\" decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" alt=\"homeownership\" class=\"wp-image-6371 lazyload\" width=\"427\" height=\"260\" title=\"\"><noscript><img decoding=\"async\" src=\"https:\/\/masterbuilderspierce.com\/wp-content\/uploads\/2021\/06\/Americans-Invest-in-Housing-_-Master-Builders-Association-Pierce-County-1024x627.png\" alt=\"homeownership\" class=\"wp-image-6371\" width=\"427\" height=\"260\" title=\"\"><\/noscript><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">In contrast to recent headlines suggesting that millennials are not interested in homeownership, data from the Census Bureau shows that this group is increasingly entering the housing market as first-time buyers. In fact, the homeownership rate of millennials\u2014at 36 percent\u2014registered the largest gains among all age groups in 2017.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Financial Benefits of Homeownership<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Millennials recognize the many benefits to being a homeowner, including the fact that homes are a primary source of net worth for many Americans. The most recent edition of the\u00a0Survey\u00a0of Consumer Finances revealed that the primary residence is the largest household asset. These homes accounted for about one quarter of all assets held by households in 2016, ahead of other financial assets,\u00a0business interests and retirement accounts.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Overcoming Obstacles to Homeownership<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Qualifying for a mortgage and saving up for a downpayment remain primary obstacles to homeownership. To help address these concerns, Fannie Mae and Freddie Mac \u2013 through the Federal Housing Administration (FHA) \u2013 offer low-downpayment mortgage programs geared primarily toward the first-time home buyer market.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These lenders offer&nbsp;mortgages with 3% downpayments, allowing more creditworthy borrowers who lack the funds for a large downpayment to obtain a home mortgage.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To ensure that the financing process goes smoothly, buyers should consider pre-qualifying for a mortgage and having a financing commitment in place before shopping for a new home. Buyers also may find that some home builders have arranged favorable financing for their customers or offer financial incentives.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Townhomes Can Open Door to Homeownership<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">While home builders recognize the increasing demand for entry-level homes, rising construction costs and limited lot availability create significant challenges to building smaller, single-family detached homes that are both affordable to first-time buyers and cost-effective for builders.<\/p>\n\n\n\n<figure class=\"wp-block-image alignleft size-large is-resized\"><img data-src=\"https:\/\/masterbuilderspierce.com\/wp-content\/uploads\/2021\/10\/mba-header-1024x738.jpg\" decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" alt=\"homeownership\" class=\"wp-image-1726 lazyload\" width=\"334\" height=\"241\" title=\"\"><noscript><img decoding=\"async\" src=\"https:\/\/masterbuilderspierce.com\/wp-content\/uploads\/2021\/10\/mba-header-1024x738.jpg\" alt=\"homeownership\" class=\"wp-image-1726\" width=\"334\" height=\"241\" title=\"\"><\/noscript><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">However, millennials have indicated they are willing to compromise on space, which makes townhouses a more affordable option for <a href=\"https:\/\/masterbuilderspierce.com\/millennials-are-eager-to-purchase-homes\/\">buyers ready to purchase their first homes<\/a>. After experiencing a drop during the Great Recession, the share of new townhome construction has been rising since 2009. According to NAHB analysis of Census data, townhome construction in 2017 was up seven percent from 2016.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Learn more about the benefits of homeownership at <a href=\"http:\/\/nahb.org\/forconsumers\" target=\"_blank\" rel=\"noreferrer noopener\">NAHB<\/a>.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/masterbuilderspierce.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Master Builder&#8217;s Association <\/a>&#8211; building communities since 1945<\/p>\n","protected":false},"excerpt":{"rendered":"<p> Data shows that despite the slow start, millennial are viewing Home ownership as a primary goal.<\/p>\n","protected":false},"author":1,"featured_media":1418,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-1417","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"_links":{"self":[{"href":"https:\/\/masterbuilderspierce.com\/wp-json\/wp\/v2\/posts\/1417","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/masterbuilderspierce.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/masterbuilderspierce.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/masterbuilderspierce.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/masterbuilderspierce.com\/wp-json\/wp\/v2\/comments?post=1417"}],"version-history":[{"count":7,"href":"https:\/\/masterbuilderspierce.com\/wp-json\/wp\/v2\/posts\/1417\/revisions"}],"predecessor-version":[{"id":7958,"href":"https:\/\/masterbuilderspierce.com\/wp-json\/wp\/v2\/posts\/1417\/revisions\/7958"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/masterbuilderspierce.com\/wp-json\/wp\/v2\/media\/1418"}],"wp:attachment":[{"href":"https:\/\/masterbuilderspierce.com\/wp-json\/wp\/v2\/media?parent=1417"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterbuilderspierce.com\/wp-json\/wp\/v2\/categories?post=1417"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterbuilderspierce.com\/wp-json\/wp\/v2\/tags?post=1417"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}