The story of a Millennial homebuyer
Meet Valerie, 25 years of age, and one of my youngest homebuyers in my 18 years in the industry. She graduated from college two years ago, got a job, then closed on her new home last week, bringing only $50 to the closing table through a special program, then walking away with some negotiated bonuses. I admire Valerie for her energy, intelligence, achievements, enthusiasm, love for God and life, and desire to make the right financial moves for herself and her two-year-old daughter. Valerie moved from DeKalb to Clayton. She purchased a three-bedroom brick home with beautiful hardwood floors, a side-entry garage, and a large fenced-in backyard. Her daughter immediately gravitated to her special play area in their new home the first time she saw it. Valerie was elated and teary-eyed at closing. Seeing her that way made me teary-eyed as well and reminded me why I chose this profession – to represent and protect my clients, making their dream of homeownership become a reality.
Welcome home to Clayton, Valerie, and daughter – we are glad that you are here! Search for Clayton County Real Estate for Sale.
Millennials and homeownership
Studies show that Millennials are the largest generation in history. They are more tech-savvy, racially, and ethnically diverse and more educated than other generations. However, they lag previous generations in homeownership. We need more millennial homebuyers.
According to a study conducted by the Urban Institute, “the homeownership rate of millennial homebuyers between the ages of 25 and 34 was 37 percent in 2015, approximately eight percentage points lower than the homeownership rate of Gen Xers and baby boomers at the same age. If the homeownership rate for millennials had stayed the same as previous generations, there would be about 3.4 million more homeowners today.”
The report went on to say that “homeownership is highly beneficial for most families, offering a stable place to live, a hedge against inflation, and a way to build wealth. The average homeowner has a household wealth of $231,420, compared with the average renter’s $5,200.”
The bottom line is this: Millennials and other generations – Don’t settle for renting too long making other people rich. Start building your wealth today through homeownership. Buying a home is an investment, just like stocks and bonds. The differences are you get to live in this investment, plus its tax-deductible benefits as a primary residence. Be sure to speak with your tax consultant about tax deductions that will be beneficial for you in purchasing a home in comparison to renting.
Interested in learning more or getting started? My contact information is below or click here to schedule an appointment.
Source: Choi, Jung Hyun, et al. “The State of Millennial Homeownership.” Urban Institute, 18 July 2018, https://www.urban.org/urban-wire/state-millennial-homeownership.
About the Publisher
Altimese Dees founded The Real Estate Gallery of Georgia, LLC., in 2008 out of a passion and commitment to providing real estate representation to buyers, sellers, property owners, investors, builders, corporations, and governments. Altimese is the publisher of ComeHome2Clayton.com. If you are in the market to buy or sell a home or office in Georgia, please contact Altimese Dees, Broker/Owner, The Real Estate Gallery of Georgia; Direct: 678-644-1712; Email: firstname.lastname@example.org; Web: www.RealEstateGalleryGA.com and www.TrustedRealEstateConsultant.com.
Search for Clayton County Real Estate for Sale