adopted from the Wall Street Journal Rising home prices are sending first-time home buyers to their parents for help with mortgage down payments. More than 26% of mortgage borrowers who used Federal Housing Administration-insured loans got assistance from a relative to make the down payment in the 12 months through Read more…
First-time homebuyers, particularly the younger generation dubbed millennials, are getting off the sidelines and buying homes in greater numbers, the National Association of Realtors (NAR) says.
The share of home purchases by first-time buyers rose to 35 percent this year, which was up from a near 30-year low of 32 percent in 2015, according to NAR’s 2016 annual survey of buyers and sellers. Prior to this year’s results, the first-time homeownership share had fallen for three consecutive survey years.
One positive sign is that an increasing number of millennials in their late 20s and early 30s are getting better jobs, moving out of their parents’ homes and buying houses, said Jessica Lautz, managing director of NAR’s survey research and communication.
“Millennials are starting to age,” Lautz told Scotsman Guide News. “As they start to age, we could start to see more first-time homebuyers in the market.”