Expect A Surge of Young, First-Time Home Buyers Into 2020admin / 0 Comments /
Over the past fifteen years, the percentage of first-time home buyers that fell between the ages of 20 and 29 has increased from 17 percent to 28 percent of all buyers, according to TransUnion. Following the same trend, first-time home buyers between the ages of 20 and 39 increased 16 percent in that same 15 year span; ultimately, the age group made up 60 percent of all first-time home buyers by the end of 2015.
An article published by The M Report by Brian Honea indicated that TransUnion anticipates up to 17 million first-time home buyers will enter the real estate market over the next five years. With this influx of new homeowners comes positive economic news for both local economies as well as the mortgage lending industry.
Joe Mellman, VP and Mortgage Business leader for TransUnion, explained that first-time home buyers help to
improve the local economic activity as a result of increased construction and home improvement demand. Mellman also describes, from the perspective of mortgage lenders, “First-time home buyers are valuable prospects in the eyes of many mortgage lenders, as that time in a borrower’s life often corresponds to additional financial needs,”.
Read the entire article.
Photo Credit: Renaude Hatsedakis