Below is a link for a more readable image of the infographic at left, which has tons of insights about buyers under 35 and why they are not buying homes in the numbers that the older population did when they were under 35.
Here are some key survey results from that infographic that might surprise you.
* Millennials associate owning a home with the American dream more than any other generation.
* 33% of millennials expect to buy a home within the next 2 years.
* Only 34.7% of those under 35 currently own a home, down 50% from before.
* 91% of millennials report that they plan to own a home “some day.”
* Only 38% of millennials have more than $1,000 in savings.
* Median age for getting married is at a record high (29 for men, 27 for women), delaying the home buying decision.
Here’s what really caught my attention:
* 73% of millennials are unaware of low down-payment programs ranging from 3% to 5%. They’re also unaware of grant programs and the Mortgage Credit Certificate program that refunds 30% of your annual mortgage interest for the life of your mortgage — an amazing program!
The infographic describes six additional home buyer assistance programs that could also assist anyone, not just millennials, in buying their first home. Do yourself a favor and check out the infographic, then call a lender or me for more information.
Here's a link for a full-size image of the infographic at left: http://files.jimsmithrealtor.com/Columns/Millennials_infographic.htm.
Published Dec. 8, 2016, in the YourHub section of the Denver Post and in four Jefferson County weekly newspapers.