Purchasing a home is a big step, and one group of people are reportedly taking the plunge in greater numbers. This group may surprise some with their sudden interest in real estate. An increased number of millennials, as reported by a local real estate agent, are purchasing homes in the Phoenix area.
The middle-aged and empty-nesters are still the largest groups buying homes, but the amount of millennials purchasing real estate is on an upward trend.
A source with Belfiore Real Estate Consulting, Jim Belfiore, has noticed the change and believes millennials will be the largest age group purchasing homes in the coming decade. Why? Belfiore contributes this increased number to the substantial population of millennials in the area.
There are a lot millennials, but why the sudden uptick in millennial homeowners?
Millennials have delayed buying homes until later in life compared to previous generations, but they are at the point where they desire stability, homeownership, and family.
According to Belfiore, certain parts of the Phoenix area are more attractive to millennials. The area south of Interstate 10 is popular, due to its perceived value, they are getting more for a lower price. In addition, areas in San Tan Valley, Mesa, and north Phoenix are in demand.