If you are a millennial, you might be wondering if now is the time for you to buy a home in Houston. You’re not alone! Millennials, who are people born between the years 1982 and 2004, are the largest number of first-time buyers right now. Plus, Inman News just recently named Houston as one of the top 10 markets for millennials to purchase a home in!
Why is that? Houston is a great real estate market for millennials looking for a fresh start. We’ve got a robust job market for new graduates and those who already have a job but need a boost. According to the article, millennials are drawn to The Heights, Oak Forest and Timbergrove, all which offer lots of restaurant, shopping and entertainment options.
Aside from Houston being a great market for first-time buyers, there are numerous other reasons why millennials are choosing to become homeowners now. It’s not all financial, either! Investing in their future with home equity, and lowering their monthly payments, are certainly reasons, but a new study found that there are many non-financial reasons for millennials to purchase a home as well.
Here are some of them:
1. They want control over their living space. A whopping 93 percent of millennials said this was important to them, as most have rented prior to buying, and now they want the chance to make their living space their own. They can paint with any color, renovate outdated features, and own pets as they please.
2. They want a sense of privacy and security. Comfort and security was what 90 percent of millennials said was the second most important reason they wanted to own. As a homeowner, your home is separate from others, and you have control over who has access and what type of security you use.
3. They want to live in a nicer space. This is important to 81 percent of millennials, because with rent prices skyrocketing, apartments aren’t updated as regularly as they used to be. If they are, that makes rent prices shoot up. Homeowners want to live in a nice place without monthly payments rising.
4. They want to feel engaged in the community. Homeowners tend to be more civically involved, and that’s partly because stakes are raised once your home value is tied to the quality of your community! This makes for more community involvement, and in turn, closer relationships with neighbors.
5. They want flexibility with future decisions. Millennials see owning a home as a forced savings account, because rather than with renting, you’ll see that money again when you go to sell! This lends a feeling of financial security, knowing you have that money to fall back on.
Are you ready to buy a home in Houston as a millennial? As your local real estate team, we are here to help! Please contact us with questions or when ready to get started with the home-buying process!