A growing number of young people in California are deciding to buy a home. For the past five years, millennials have represented the largest percentage of people opting to purchase homes. In 2018, 36% of real estate purchases were made by millennials. Various studies have noted that young adults are entering the property market later than their parents with many choosing to rent or live with their parents. Housing affordability and economic concerns have been a major factor for many young people, especially those living in or near major cities. Many have noted that purchasing real estate may be less of a priority than it was for earlier generations.
However, the enthusiasm that millennials have expressed for entering the real estate market may indicate that the issue is far more simply one of basic affordability. Student loans and credit card debt are difficult for many people to surmount. Even people without much debt may have difficulty saving up for a large down payment. Home prices have continued to rise, especially in popular markets, while wages are generally stagnant. As millennials become more established in their careers and begin to command higher incomes, they are more likely to begin to purchase real estate.
Millennial buyers tend to look for different things when deciding to buy a home. Many people make use of technology to find a real estate agent or to assess the market in a particular area. Mobile apps are promoting virtual house tours that allow potential buyers to identify properties that may be particularly interesting.
Buying a home is a major investment in the future. When people of any generation decide to purchase a property, the process can be complex yet rewarding. A real estate attorney may work with people buying or selling residential real estate to negotiate a successful transaction.