With affordability challenges in Orange County, there's a question that continues to arise: are Millennials going to continue renting? For the first time, the answer to this question is beginning to shift. As rent prices continue to escalate and more Millennials have buying potential with the currently low rates, we're seeing more of them choose to buy over rent.
In Q3 of 2017, national homeownership rates reached its highest level since 2014 and, of those, buyers under 35 increased for the third month in a row to 35.6 percent. Sales are up 18.7 percent year-over-year and prices are up 5.5 percent year-over-year.
It's safe to say, with rates significantly low, rents continuing to rise, and the potential of tax deduction changes in the new year, we're expecting to see a growing number of Millennials buying by the end of 2017.
Author:Liz Peters Phone: 949-683-5374 Dated: December 12th 2017 Views: 138 About Liz: An Orange County native and Team Manager of The Kurt Real Estate Group with a heavy background in bo...
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With seven consecutive years of five-star status in Orange Coast Magazine, The Kurt Real Estate Group is among the elite. No matter where they’ve gone, they’ve set record sales. Whether you’re a buyer, seller, or investor, Kurt and his team work diligently, honestly, and with the utmost professionalism and are passionate about helping you achieve your real estate goals.
Kurt is ranked among the top two percent of Coldwell Banker agents nationwide. Kurt’s experience investing in and flipping homes and his connections with the Hollywood Film Industry give him an unparalleled edge and keen insight into market trends. The opportunity presented to you in working with Kurt is why The Kurt Real Estate Group is recognized as one of the top real estate teams in Orange County.
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