This generation has been sitting on the sidelines of the real estate market for quite some time. Many have speculated that it could be an overarching fear of commitment or just simply a lack of funds, but whatever it is that was causing Millennials to shy away from buying homes, it seems to have changed. New data from Realtor.com suggests that Millennials will make up the bulk of homebuyers in 2016 throughout the country, and that appears to be the case here in Chicago as well. Last fall, those between the ages of 25 and 34 took out over 40% of new home mortgages, signalling that 2016 could be a big year for this group of young adults.
What’s Pushing Millennials To Buy Chicago Real Estate?
As a whole, Millennials are starting to pay down their student loans and are looking to start growing their families. One of the biggest factors that’s driving the urge for this generation to buy homes now is the rising costs of rent throughout the city. The costs of rent have actually risen so much that it’s actually starting to be more affordable to buy a home rather than rent one.
What’s even better news for this generation is that, compared to other major cities across the U.S., they’re actually paying some of the least for their spaces. A study by SmartAssets found that the average Millennial living in Chicago could afford a 937sqft home for $148,000. Compared to other hot metropolitans like New York and Los Angeles, you’re getting a considerable amount of space for a much smaller price.
What Are the Benefits To Buying A Home Vs Renting?
There are a great number of reasons why owning a home is better than renting. For starters, you are the property owner. Every month you’re paying yourself, not helping to build someone else’s equity. One of the biggest reasons to buy a home in Chicago right now is that you could be spending less, building your own wealth, and you get to have a say over your space, like what color to paint the walls and even having a furry, four-legged friend.
Are you thinking about buying a home this year in Chicago? Andreas Holder can help! Let him be your guide to the downtown Chicago real estate market and help you find a home that not only matches your needs, but your lifestyle too. Send him a message online to get started or give him a call at 312-893-3560.Posted by Andreas Holder on