According to a recent Bloomberg report, millennials want to own their own homes, and in increasing numbers would like to live in the suburbs. They’re getting married and having children later than their parents did, but they are starting to “cross barriers typically associated with buying,” Bloomberg reports.
Approximately one-third of home purchases are made by millennials who are making the leap from renting to owning their own home.
Economists are predicting that this trend will continue as the economy improves and housing becomes more available. Right now, though, there is a shortage of affordable housing in many Chicago neighborhoods and suburbs, keeping the first-time home buyer waiting for the right opportunity to buy a home in the neighborhood where they want to live.
If you are ready to invest in your own home, contact us for expert guidance. We have been helping first-time home buyers make happy homes for over 70 years, and look forward to helping you.