Young buyers exude optimism, confidence about homeownership

The Millennial generation — those 32 years old and younger — is made up of enthusiastic homebuyers that have more optimism and confidence about their recent home purchases than any other age group.

According to a recent National Association of Realtors study that evaluated the generational differences of recent homebuyers and sellers, 85 percent of buyers younger than age 32 believe their home purchase was a good financial investment.

The oldest individuals of the Millennial generation are starting to buy their first homes. They understand that homeownership is one way to accumulate wealth, especially for younger families in today’s world.

The Millennial generation is the largest in history after the baby boomers, and they are expected to give the housing market a boost. However, there are challenges that might hinder their ability to purchase homes, in particular tight lending standards, student loan debt, and an uncertain job market.

“The impact of student loan debt is a concern for future generations and the ability to become homeowners,” explains Orlando Regional Realtor Association Chairman Steve Merchant, owner-broker of Global Realty International. “Those burdened with growing monthly debt payments will have restricted access to mortgage credit and could find it harder to save for a down payment.”

Yet those challenges aren’t changing younger buyers’ attitudes about homeownership. In Orlando, Millennial buyers are fortunate to be in a housing market with record affordability and a rising inventory level, which means more great homes to choose from.

“Today’s market presents great opportunities for young buyers to own a home,” says Merchant. “Orlando Realtors are committed to making sure those who are willing and able to own a home have the opportunity to do so, and can expertly guide young buyers through the complicated process.”