The Norman Transcript

Business

October 20, 2013

Younger buyers optimistic about home ownership

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.”

1
Text Only | Photo Reprints
Business
  • Chamber Banquet During annual banquet, Chamber of Commerce promotes moving Norman forward

    Amidst the backdrop of music, dancing, dinner and fellowship, business leader Mike Fowler announced that the time for a quality-of-life initiative in Norman has come. As incoming Norman Chamber of Commerce board chairman, Fowler and ...

    April 18, 2014 1 Photo

  • Women leaders announced

    The Norman Chamber announced the nominees for the 2014 Women’s Leadership Award, which honors female leaders who actively inspire other women to achieve their full potential.  Past recipients of this honor, formerly known as the ATHENA ...

    April 17, 2014

  • Norman use tax takes a hit while Moore sales tax flounders

    Norman use tax took a hit this month while Moore’s sales tax floundered for the first time since sales picked up in the post-tornado recovery period. For the city of Norman, however, sales tax collections are a bright spot on the revenue ...

    April 13, 2014

  • Nextep moves back to Dillard Building, but this time with much larger presence

    In 1997, entrepreneur Brian Fayak was just getting Nextep Inc., a professional employer service, started. Fayak had been working out of his sister’s house in west Norman and was delighted when the opportunity came to rent an executive ...

    April 13, 2014

  • Spotlight

    Chiropractic award Megan Borne, a chiropractic assistant at Sparks Clinic of Chiropractic in Norman, was recently awarded the title of C.A. counselor with the Pinnacle Chiropractic Management Group. She will assist other chiropractic ...

    April 13, 2014

  • Primrose presents Leadership class grads

    On Tuesday, the Norman Chamber of Commerce graduated both Leadership Norman and Tomorrow’s Leaders. Over the past several months, participants attended interactive sessions covering a variety of topics including communication, education, ...

    April 13, 2014

  • Business and restaurant survey online now

    The city of Norman is seeking input from its residents about retail shopping and restaurant opportunities that they would like to see locate to Norman. On Thursday, the city published a link to an online retail and restaurant survey on ...

    April 13, 2014

  • Norman Nation

    In 1964, when my father was a University of Oklahoma student, he and my mother were in desperation car shopping mode because their vehicle had just died. As the story has been told for nearly 50 years, the Ford dealership had not opened ...

    April 13, 2014

  • Spring cleaning: Time to change passwords again

    Are you in the habit of regularly changing the passwords for your online accounts? You should be — changing passwords regularly is a required part of every wise Internet user’s safety routine....

    April 13, 2014

  • Regional partnerships build prosperity

    Job creators shop for sites, regional marketing professionals told Norman’s Economic Development Advisory Board on Thursday. That makes selling the central Oklahoma region with its diversity of site options and amenities a business savvy ...

    April 6, 2014

Video
Facebook