Do You Believe Homeownership Is Out of Reach? Maybe It Doesn’t Have To Be.

FOR MORE TIPS visit https://www.savannaharearealestate.com/

It turns out that millennials are not, after all, the renter generation. According to Mynd's 2022 Consumer Insights Report, a portion of millennial and Gen Z buyers are pursuing homeownership as a way to build wealth, but it may not be the same way previous generations did it. The study explains how they’re breaking into the market:

". . . younger generations of Americans are not buying into that dream in the same way that older generations have. A growing number of Americans are choosing to make their first real estate purchase as an investment property.”

Instead of buying a home and moving into it themselves, some young buyers are purchasing a home so they can use it as a rental. This tactic may be gaining popularity, at least in part, because of the affordability challenges brought about by today’s higher mortgage rates. The report above mentions how many people in this group are considering this approach. It says:

“Almost half of Millennials and Gen Z (43%) are considering buying an investment property compared to only 9% of Baby Boomers and 27% of Gen X.”

Why Younger Buyers Are Buying a Home To Use as a Rental

This strategy allows buyers to remain in their current location, such as the hustle and bustle of a city apartment or a neighborhood they know and love, where they cannot afford to buy. Instead of abandoning the dream of home ownership, they purchase a home in a more affordable area with the intention of renting it out.

In some ways, they have the best of both worlds. They live where they want, and they can still afford to own a home.

Their goal is to diversify their assets and generate passive income. It works like this: in addition to generating rental income, the equity they build in their home will help them increase their net worth over time.

BOTTOM LINE

If you're considering buying a home as an investment strategy to grow your wealth, contact us to discuss your options and nearby areas that may have homes that fit what you're looking for.


Contact us if you have any questions about selling your home in today’s market. Our team can help you understand what’s going on right now so you know what to expect when you’re ready to move in.

Follow us on the following social media platforms.

Phone(912) 323-9855

Email[email protected]

Address Wipper Properties
34 Excel Dr
Richmond Hill, GA 31324

Post a Comment