Owning a home (or property) is now ranked fourth for Americans in terms of most important life events. The number one with 34% of respondents ranking as the upmost importance: Achieving educational goals. However, when looking at long-term financial goals, over half of the respondents said owning a home was most important; and when it comes to homeownership, 81% agreed it’s the best long-term investment a person can make.
We previously discussed how children have a say in the home for many families but what if there are no children? Believe it or not, this downsize in families “naturally means the demand for smaller-size housing would get greater interest than before” and with the nation’s fertility rate dropping to the lowest level on record, it’s no surprise we’re seeing such competition in today’s market. Lots of factors at play here impacting the market. Delaying a family and/or having fewer children will impact housing.
Student loans are holding millennials back from more than just owning a home. Other financial decisions include saving for retirement, changing careers, continuing education, marriage, and having children. Of those who responded to the new study, only 20% of millennials own a home and most carry a student loan amount that surpasses their income.
The NAHB (National Association of Home Builders) Housing Market Index might have fallen 3 points this month to 64 (below expectations) but it’s still a very solid figure considering anything above 50 is positive. Why did it miss expectations? The recent disasters are thought to be the likely cause.
Want to read a headline full of common sense? Here it is: “Homes Built to Stricter Standards Fared Better in Storm.” What a shocker. Isn’t that the point of the stricter guidelines?