The Jersey Shore by Karl Hess

The Wave of Millennial Homebuyers Continues to Swell

Many have written about the millennial generation and whether or not they, as a whole, believe in homeownership as a part of attaining their American Dream.

Comparatively speaking, millennials have taken longer to obtain traditional milestones (like getting married, having kids and buying a home) than generations before them, but that does not mean that they do not aspire to still achieve those things.

Search for Homes in Ocean County

For older millennials (aged 25-34) who have established themselves in their career and are starting to build their families, homeownership is the next logical choice.

According to the Urban Institute’s State of Millennial Housing, the probability of a millennial becoming a homeowner increases by 17.9% if they are married, and by an additional 6.2% if they have children.

Last year, according to the US Census Bureau, the average age at first marriage was 30 for men and 27 for women, while the National Association of Realtors (NAR) reports that the average first-time homebuyer was 32 years old.

With most of this generation having yet to age into the ‘Responsibility Zone’ (the time in their lives when their responsibilities start to dictate their behaviors), there will be a steady wave of buyers for years to come!

First Time Home Buyers in Ocean County

Those who are currently out in the market searching for a home are being met with a strong, highly competitive seller’s market. NAR’s Chief Economist Lawrence Yun recently commented,

“Realtors® throughout the country continue to stress that there’s considerable pent-up demand for buying a home among the millennial households in their market.  

Unfortunately, they’re just not making meaningful ground, and continue to be held back by too few choices in their price range, and thereby missing out on homeownership and wealth gains.”

Bottom Line

If you are currently renting and thinking about jumping into the real estate market in Ocean County this year, let’s get together to help you navigate our market.

Karl Hess & Keller Williams Shore Properties provides expert real estate services to residential buyers and sellers in Ocean County. Contact us today for more information on Ocean County Real Estate and for professional assistance navigating this complex home market.

As always, thank you for your time and feel free to get in touch if you have any questions. Karl Hess, Keller Williams Shore Properties - #1 Real Estate Office in Ocean County

 

 

 

 609-553-7926

Find Your Dream Home on The Jersey Shore in Ocean County!

www.TheJerseyShoreHomeFinder.com

 

 Licensed in New Jersey.  Keller Williams Shore Properties 

1400 Hooper Ave. Toms River NJ 08753 Phone: 732-797-9001

 

 

 

Comment balloon 0 commentsKarl Hess • August 15 2018 11:25AM
The Wave of Millennial Homebuyers Continues to Swell
share
Many have written about the millennial generation and whether or not they, as a whole, believe in homeownership as a part of attaining their American Dream. Comparatively speaking, millennials have taken longer to obtain traditional milestones.. more
The Right Ocean County House for Your Retirement
share
As more and more baby boomers enter retirement age in Ocean County, the question of whether or not to sell their homes and move will become a hot topic. In today’s housing market climate, with low available inventory in the starter and trade-up… more
Interest Rates Impact on Buying a Manahawkin Home
share
If you’re thinking about buying a home in Manahawkin, now may be the time to act. According to Freddie Mac’s latest Primary Mortgage Market Survey interest rates for a 30-year fixed rate mortgage are currently at 4. 61%, which is still near… more
Is Home Ownership in Ocean County Within Your Grasp?
share
Buying a home in Ocean County can be a daunting task, but we help educate and guide first time home buyers through every step of the process. Our goal is to make buying a home a simple, fun, exciting, and hassle-free experience. (Did you know that… more
Should I Wait to Buy a Home in Barnegat?
share
What if I wait until next year to buy a Barnegat Home? We recently shared that Barnegat home prices have increased by 25. 42% year to date over 2017. They’ve also increased by 6. 7% year-over-year on a national basis. Over that same time, interest… more
More New Construction Homes Coming to Barnegat
share
Homes starting in the high 300’s in the Ocean Acres Section of Barnegat - Press Release from D. R. Horton on new construction in Barnegat D. R. Horton’s New Jersey division is pleased to announce the opening of its Whispering Hills community in… more
How Much Do You Need to Make to Buy a Home in Barnegat?
share
It’s no mystery that cost of living varies drastically depending on where you live, so a new study by GOBankingRates set out to find out what minimum salary you would need to make in order to buy a median-priced home in each of the 50 states, and… more
Use Your VA Loan to Buy a Home in Barnegat
share
As a Veteran myself who has used the VA Loan Program, I understand the value it provides. Thousands of veterans live in Ocean County, and over 450, 000 veterans call New Jersey home. For veterans and service members planning to purchase a home in… more
Coming Soon to the Freedom Hills Section of Barnegat
share
Coming on the market very soon is this 4-bedroom 2. 5 bath, almost 2200 square foot home (not including finished basement) and 2 car garage on over 1/3 of an acre in Barnegat’s Freedom Hills Section… a home that provides easy access to Route 9 and… more
Barnegat Home Buying Myths
share
Think you need a down payment to buy home in Barnegat? Not with a USDA home loan guarantee you don't! A USDA home loan is a zero down payment mortgage for eligible rural and suburban homebuyers. USDA loans are issued through the USDA loan program,… more