The Rise of the Millennial Homebuyer
Dylan. Chelsea. Austin. Alexandra. Taylor.
If you are fond of Jeopardy, you may be thinking “What are names that spiked in popularity between 1992 and 1995?” Good news: You are correct.
According to ATTOM Data Solutions, who analyzed the first names of more than 4 million individuals who purchased homes in 2017, those are the first names of homebuyers that saw the greatest increases year over year. These findings simply back up what most of us already know—millennials are the generation that’s becoming more active in buying homes.
Data—no matter how odd or random—and the use of it could be one of the biggest reasons for your success in the real estate or mortgage industries in 2018. Looking at trending first names among 2017 homebuyers is fun, but it also illustrates the amount of information available. You just need to get creative in the application of the data. Knowing who needs what and when and where they need it will likely result in measurable gains in revenue.
Buy or Rent in 2018?
It is cheaper to buy than rent a median-priced home in 54% of the counties analyzed by ATTOM Data. However, with prices increasing much faster than incomes, that could change sooner rather than later.
A Freddie Mac survey finds that renters are becoming more satisfied with their living situations and consider renting the most affordable option for the foreseeable future. What is really interesting, though, is that the survey finds an increasing number of renters view renting as a good choice for them. That increase is happening pretty quickly. August 2017 saw 57% of those surveyed seeing renting as a good choice, compared to 52% in March 2017.
The economics of 2018 look like a continuation of 2017. But with rates projected to rise, and homes becoming less affordable, renting may become even less of a choice and more of a necessity.