• michellepaez

Millennials Increase Demand for Condos

When deciding to buy a home, people are presented with many different options. The type of home you buy depends on your needs, budget, and in many cases, the desired maintenance level. For many millennials, their choice has been buying a condominium!

According to CoreLogic,

Last year about 43% of all condo home-purchase mortgage applications were submitted by FTHBs... Similarly, the data show condos were more popular with young homebuyers and empty nesters. For instance, 21% of all condo home-purchase mortgage applications were submitted by buyers aged 18 to 30, compared with just 17% of all single-family home-purchase mortgage applications by the same group in 2018.”

With home prices increasing year-over-year, it makes sense millennials are buying condos instead of a single-family house. As a result, the demand for this type of home has been increasing.

As this graph explains,

The younger millennials are the largest cohort and are likely to drive much of the condo demand in the coming years”.

Bottom Line

If you are a millennial considering buying a home, understand that there are many options available. You may find yourself in a condominium as your first home. If you would like to determine which type of home best fits your needs, let’s get together to evaluate your options!


Michelle Paez (954) 993 0696 Buy. Sell. Invest.  Real Estate Expert Since 2009

Let’s stay connected ! Instagram: @michellepaez.co YouTube Channel: TheCashFlowTalk

Free tips and weekly trainings about investing and the housing market 👉🏻 http//:www.facebook.com/Cashflowtalk

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Charles Rutenberg Realty

2201 W. Prospect Road Unit 200

Fort Lauderdale, FL 33309

Office: 954.396.3001

Cell: 954.993.0696

Email: michelle@michellepaez.com

 

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