2021 TRENDS: Millennials & Gen Z
The largest generation in history, millennials will continue to shape the housing market as they become an even larger player. The oldest millennials will turn 40 in 2021 while the younger end of the generation will turn 25. Older millennials will be trade-up buyers with many having owned their first homes long enough to see substantial equity gains, while the larger, younger segment of the generation age into key years for first-time homebuying. At the same time, Gen Z buyers, who are 24 and younger in 2021, will continue their early foray into the housing market.
In early 2020, younger generations, including Millennials and Gen Z, were putting down smaller downpayments and taking on larger debts to take advantage of low mortgage rates despite rising home prices. In fact, only a quarter of respondents to a summer survey reported lowering their monthly mortgage budget or not changing their home search criteria in response to lower mortgage rates. The other three-quarters said low rates would enable them to make a change to their home search, and the most commonly cited change was buying a larger home in a nicer neighborhood.
We expect these trends to persist as rising home prices require larger upfront down payments as well as a bigger ongoing monthly payment due to the end of mortgage rate declines. Early in the pandemic period, there was concern that temporary income losses could prove to be particularly disruptive to younger generations? plans for homeownership, as these were the groups expected to face income disruptions that might require dipping into savings which would otherwise be used for a down payment. Thus far, these disruptions have not had an effect on overall home sales, and some home shoppers report an ability to save more money for a downpayment as a result of sheltering at home, but we are still not completely through the pandemic-related economic disruption.
Affidavit of death Affidavit of heirship AFFIDAVIT OF SURVIVORSHIP affidavit of title Beneficiary deeds BUYERS CERTIFICATE OF TRUST commercial real estate COMMON LAW MARRIAGE COVID AND EVICITION DEATH AND REAL ESTATE Deed DIVORCE AND REAL ESTATE EVICITION RULES Flat fee legal protection FSBO Future of real estate GENERAL WARRANTY DEED home buying home selling inheritance LANDLORD Landlords land use MARITAL VS NON MARITAL RIGHTS MARITAL WAIVER NON MARITAL COHABITATION AGREEMENT Owner financing PROBATE Property Management real estate contracts real estate finance Real estate financing real estate investing real estate market real estate markets real estate planning real estate transactions seller financing SELLERS SURVIVORSHIP AFFIDAVIT TENANT tenants TENANTS IN COMMON TRANSFER ON DEATH DEED
- WHAT IS A GIFT OF EQUITY AND HOW DOES IT WORK?
- LAND PATENT
- WHAT IS A GIFT OF EQUITY?
- COMMON HOA RULE VIOLATIONS
- HOA RESTRICTIONS ON SHORT TERM RENTALS