Monday, 11 July 2016
In 2015 35% of homebuyers were Millennials. 64% married couples, 12% unmarried couples
The median down payment for Millennial buyers was 7% (21% for older boomers and the Silent Generation). 23% of millennials cited a gift (usually parents) as a source of their down payment.
Median income of Millennial homebuyers in 2015 was $77,400 ($76,900 in 2014) who bought an average 1,720-square foot home costing $187,400 ($180,900 in 2014).
63% of Millennials were influenced by the quality of the neighborhood and 60% for convenience to getting to a job.
Buying a home is typically the largest investment most people ever make. If it's your first home purchase, you'll find yourself on the front end of a steep learning curve.
Meghann McKenna, a Bozeman, Mont-based financial advisor, says that while it's nice to have a place of your own, make sure you can really afford it. "Your dream home doesn't need to cost you your dream life and your house doesn't have to define you," she says, adding that paying a mortgage shouldn't tap you out completely. "ou still want to go out to dinner with your friends or to the movies or on vacation, you don't want the mortgage to completely consume you."
Appliances: Does the home come with appliances? Do they need to be upgraded (an old refrigerator can cost you hundreds of dollars a year in wasted electricity!)?
Utilities: Ask about the past year's heating, cooling and water bills. These may add hundreds to your monthly output, especially in extreme climates.
Upgrades: You can work at your own pace and probably tackle most cosmetic fixes yourself, but but you should be prepared to pay for a licensed professional for projects that involve electrical, plumbing or natural gas work.
Inspection: Pay close attention to what the inspection report says. You might also be able to renegotiate the purchase price if repairs are necessary.
Includes information from financial professional Meghann McKenna,www.mckennafinancial.com
The content provided is for informational purposes only. Neither BBVA Compass, nor any of its affiliates, is providing legal, tax, or investment advice. You should consult your legal, tax, or financial advisor about your personal situation. Opinions expressed are those of the author(s) and do not necessarily represent the opinions of BBVA Compass or any of its affiliates.
Links to third party sites are provided for your convenience and do not constitute an endorsement. BBVA Compass does not provide, is not responsible for, and does not guarantee the products, services or overall content available at third party sites. These sites may not have the same privacy, security or accessibility standards.
Ready to buy a home? There is a lot to consider, including a loan application. Make sure you're ready to apply for a home loan with these helpful tips.
Ready to buy your first home? You'll want to be fully prepared. You'll want to be fully prepared. Here's what you need to know to become a homeowner.