8/7/2014 - Many Millennials Looking to Become Homeowners
While young people fresh out of college will often rent an apartment rather than buy a home, a new survey suggests that a significant portion of soon-to-be homeowners are millennials.
Approximately 67% of Americans said they intend to buy a home in the future, with one-third saying the purchase will likely come within the next two years, according to homebuilding firm PulteGroup.
Additionally, the survey revealed that the most engaged consumers, or those doing the types of preparatory things necessary for a major purchase, were millennials and move-up buyers.
"For the first time in years, Americans have a growing sense of optimism that the housing market is improving, and that these positive changes may be sustainable," said Margaret Gramann, senior vice president of sales for the Bloomfield Hills, Michigan-based residential construction firm. "This favorable outlook is giving them the confidence to pursue more meaningful, big-picture life opportunities they may have otherwise put on hold."
As for the main reasons why individuals are looking to buy, the two chief justifications were for more room and because it's viewed as a smart financial investment, the survey revealed.
Homeownership carries additional responsibilities, particularly as they pertain to maintenance. A homeowners insurance plan provides consumers with financial protection in the event of a fire or environmental catastrophe, but prospective or current homeowners should also look into what steps they can take to reinforce their property's sturdiness.
"A stronger, safer building will sustain less damage, making your community more resilient and requiring less federal and state aid to recover," said Julie Rochman, president and CEO of the Insurance Institute for Business and Home Safety.
IBHS website offers a variety of tips homeowners can perform to make their house more resistant.
More information about homeownership can be learned by talking to a local Selective agent.