According to Zonda's research, almost all millennials (98%) want to own their own house at some time in the future if they do not currently own one. However, why?
Homeownership is a long-term investment that enables you to develop wealth, enhance your net worth, and become more financially secure. One way to do this is by accumulating equity in your home. After then, the standard alternative to home ownership is renting an apartment or house. It can make more sense for you to grow your equity rather than contribute to the equity of the person you are renting rather than the enormous spike in rents over time.
A progression through the stages of life — You're about to enter the peak homebuying years of your life as a millennial. This indicates that you may have reached a stage where you need more room or a move to a new area.
Stability or settling down - This might involve establishing your profession or defining more concretely what you want your life to look like and how it should feel. As that notion becomes more evident, you should establish that lifestyle in a specific location and start putting down roots there.
When you buy a property, you take possession of an asset that, as a rule, rises in value over time. The value of your home can only go up from here. If you ever need to relocate again, your house may fetch a greater price on the open market.
The want to create something "mine" — Owning a house provides a feeling of independence since you may personalize it any way you want, make improvements as you see fit, and be yourself in a location entirely your own. This satisfies the desire that people have to create somewhere "mine."
For various reasons, buying a house in today's market makes sense for millennials. Message me to discuss your choices if you've ever entertained purchasing a property and any of the reasons listed above ring accurate.
