More Twenty-Somethings Are Buying Homes
ST. LOUIS, Mo. (KMOX) – A recent housing survey shows that Millennials and Generation X are now ready to buy homes.
According to a national survey by Prudential Real Estate, home ownership remains important to 95% of Americans with 77% of respondents ages 25-34.
Prudential President Earl Lee says this quarterly survey indicates that people who were on the fence about home ownership are now ready to buy.
But he says financing is often the biggest obstacle for those looking to settle down.
“The regulations, rightly so, have tighten up,” said Lee. “In my opinion they sort of miss the mark, so the pendulum swings from too loose credit to super tight credit.”
Lee says another common pitfall for first time home buyers is overestimate what they can afford.
“For a lot of folks that at times can be a shock.” Lee says first time buyers need to understand how much house they can actually buy, also what their credit looks like.
“One of the things we would suggest people do is go to the credit agencies, you’re allowed to have at least one free credit report every year, take a look at what your credit looks like.”
Despite poor credit, Lee says many people are still qualifying for FHA and VA loans, so the housing market is continuing to grow.