NORMAN — Despite an uncertain future, the Millennial generation — those 32 years old and younger — have more optimism and confidence about their recent home purchase than any other age group.
According to a recent National Association of Realtors study that evaluated the generational differences of recent home buyers and sellers, 85 percent of buyers under age 32 believe their home purchase was a good financial investment.
“The oldest of the Millennial generation are starting to buy their first home,” said Dan Quinn, President of the Norman Board of Realtors. “They understand that home ownership is one way to accumulate wealth, especially for younger families in today’s world. Currently, they might be facing an uncertain job market, mounting debt, and tighter mortgage lending rules, yet home ownership still matters to them, and they still aspire to one day become homeowners.”
The study found that 79 percent of the Millennial generation were first-time home buyers. Half of the respondents said the reason for buying a home was their desire to own a home of their own. Twenty-two percent said the affordability of homes made them want to purrchase.“The Millennial generation is the largest in history after the baby boomers and they are expected to give the housing market a boost,” Quinn said. “However, there are some significant challenges that might hinder their ability to purchase homes.”