Millennial’s Are Buying Homes
An increasing number of people are buying homes in Orlando, and millennial’s make up a large percentage of that group. These young professionals are determined to have the American dream. With Orlando’s climate of economic growth, great weather and affordable real estate, it’s no surprise that more young adults are choosing this area. Realtor.com just announced that Orlando is #3 city for millennial’s in 2017.
Now is a great time for adults between the ages of 25 and 34 to buy a home, especially in Orlando. Homes are affordable here and only require 34 percent of income. Partially, that’s due to the number of quality paying jobs that are available here and the fact that the unemployment rate is below the national average at 4.4 percent. This means that young adults may be better able to afford to buy a home in this market than they could elsewhere. Orlando also has numerous affordable real estate deals, which makes home ownership a more realistic option for first-time buyers.
Of course, that doesn’t mean that buying homes in Orlando is necessarily easy. First-time home buyers lack experience with the process, which means that they may not understand the intricacies of searching for the right home and obtaining financing. This may lead them to make a false start that many make when they initially decide to buy a home: falling in love with a property that is far outside of their price range. It is generally advisable to get prequalified or at least pre-approved for financing before searching for the right house. Knowing the limits of your financing means that you don’t waste time on properties that don’t make economic sense.
Young first-time home buyers similarly struggle with amassing a traditional 10 percent down payment. Nonetheless, there can be financial advantages to making a larger down payment like receiving a more attractive interest rate. It does not hurt to explore options for lower down payments, but it is just as vital to understand that this may mean paying much more in interest over the life of the loan and having higher monthly mortgage payments.
Millennials have numerous attractive options when it comes to choosing a home in the Orlando area. Downtown is a popular choice with its proximity to major employers and public transportation. Shopping and dining opportunities also abound in this neighborhood. House hunters who are looking for something with a bit more old-fashioned character might consider charming thornton Park. It’s found just east of downtown and features cute bungalows accessed by cobbled streets. Young first-time home buyers also are drawn to Orlando’s suburbs. Offering larger lots and even better affordability, suburban Orlando could easily become the next hotspot for the young and hip of the region.
Orlando is a wonderful place to live that boasts an excellent quality of life for residents. Millennials seem to be discovering that in increasing numbers. Thanks to growing employment opportunities and real estate affordability, Orlando should be popular with young home buyers for years to come.
