Buying a home is a great investment and long term goal for many people all over the country. In today’s housing market, one of the biggest demographics of home buyers is Millennials. So what is driving so many members of this generation to buy homes? A survey from Zonda shows the top 3 reasons why millennials are diving into homeownership:
Reason #1: Building Equity
Let’s face it – renting can be a real drain on your finances. Month after month, you’re shelling out money to your landlord, and you have nothing to show for it at the end of the day. But when you buy a home, you’re building equity with every mortgage payment you make. Equity is the difference between what your home is worth and what you owe on your mortgage, and it’s essentially money that you can cash in on when you decide to sell your home.
Building equity is a great way to increase your financial power in the future and ensure that you have a solid foundation for years to come. In essence, you’re investing in your own future instead of someone else’s, and that feels pretty darn good.
Reason #2: Change in Life Stage
Millennials are at a point in their lives where they’re experiencing a lot of major life changes. Whether it’s getting married, beginning a new job, or starting a family, these life changes often come with a desire for a change in living situation. Renting just doesn’t cut it anymore – buying a home means having a place to call your own, to make memories and build a life. It’s a big, exciting step, and it can help you feel more settled and secure during times of transition.
Reason #3: Stability
Let’s be real – the world can be a pretty chaotic place. Between job instability, economic uncertainty, and everything else life throws your way, it can be tough to feel like you have a sense of stability. But when you own a home, you have a sense of control over your living situation. You can decorate, renovate, and make it your own without worrying about a landlord’s approval. You can finally have the satisfaction of knowing that you’re building something that’s truly yours. And perhaps most importantly, you have the security of knowing that you have a roof over your head and a place to call home, no matter what happens in the outside world.
Although buying a home is a big step, it’s an investment in yourself and your future that pays off in more ways than you might expect. That’s why so many millennials are moving up and joining the community of homeowners, creating stability, financial security, and the ability to build something that is truly their own.