{"id":202,"date":"2018-05-31T09:31:47","date_gmt":"2018-05-31T09:31:47","guid":{"rendered":"http:\/\/renwre.info\/2018\/05\/31\/millennials-are-skipping-starter-homes-for-their-dream-homes\/"},"modified":"2018-05-31T09:31:47","modified_gmt":"2018-05-31T09:31:47","slug":"millennials-are-skipping-starter-homes-for-their-dream-homes","status":"publish","type":"post","link":"http:\/\/renwre.info\/?p=202","title":{"rendered":"Millennials Are Skipping Starter Homes for Their Dream Homes"},"content":{"rendered":"
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\"Millennials<\/p>\n

A new trend has begun to emerge. With home prices skyrocketing in the starter home category, many first-time homebuyers are skipping the traditional starter homes and moving right into their dream homes.<\/span><\/p>\n

What\u2019s a Starter Home?<\/strong><\/h4>\n

According to the National Association of Realtors <\/em>(NAR), simply put, a starter home is a one or two-bedroom home (sometimes even a small, three bedroom).<\/em> \u201cPrices vary widely by market but starters on average cost $150,000 to $250,000 while trade-up and premium homes cost upwards of $300,000.\u201d<\/em><\/p>\n

Finding Their Forever Homes Now<\/strong><\/h4>\n

A recent CNBC article<\/a> revealed that there are many factors that delayed older millennials (ages 25-35) from buying a home earlier in their lives. The aftereffects of the Great Recession teaming up with larger education costs forced many to either remain living in their parent\u2019s homes or to rent.<\/p>\n

With the economy continuing to improve, many millennials have been able to break into better-paying jobs which has helped spur down payment savings. As the dream of homeownership comes closer to reality, many millennials are saving for their forever homes.<\/p>\n

According to the latest statistics from NAR, 30% of millennials bought homes for $300,000 or more this year (up from 14% in 2013). Diane Swonk, Chief Economist<\/em> at Grant Thornton weighed in saying, \u201cThey rented for longer. Now they\u2019re going to where they want to stay.\u201d<\/em><\/p>\n

More and more millennials are settling down, getting married, and starting families, which is a huge factor driving them to look for larger homes.<\/p>\n

Increased competition in the starter home market has also been a driving force in waiting to afford their dream homes. Inventory in the starter home market is down 14.2% from last year, according to research<\/a> from Trulia<\/em>. This has driven prices up and has led to bidding wars.<\/p>\n

Many first-time buyers who were originally looking for starter homes are realizing that for just a little bit more of an investment, they could afford trade-up or premium homes instead.<\/p>\n

Bottom Line<\/strong><\/h4>\n
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If you plan on purchasing your first home this year, let\u2019s get together to determine how much house you can afford. You may be pleasantly surprised.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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A new trend has begun to emerge. With home prices skyrocketing in the starter home category, many first-time homebuyers are skipping the traditional starter homes and moving right into their dream homes. What\u2019s a Starter Home? According to the National Continue reading Millennials Are Skipping Starter Homes for Their Dream Homes<\/span>→<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"http:\/\/renwre.info\/index.php?rest_route=\/wp\/v2\/posts\/202"}],"collection":[{"href":"http:\/\/renwre.info\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/renwre.info\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/renwre.info\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/renwre.info\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=202"}],"version-history":[{"count":0,"href":"http:\/\/renwre.info\/index.php?rest_route=\/wp\/v2\/posts\/202\/revisions"}],"wp:attachment":[{"href":"http:\/\/renwre.info\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=202"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/renwre.info\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=202"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/renwre.info\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=202"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}