Chuncey Foreman Denver Colorado Realtor & Real Estate

  • Facebook
  • Google+
  • Instagram
  • LinkedIn
  • Pinterest
  • Twitter
  • YouTube
  • Home
  • Free Resources
    • Buyer’s Guide
    • Seller’s Guide
    • Unlock Your Home’s True Value
    • Gain the Edge in Property Search
    • Current Mortgage Rate
    • Book a Time to Chat
    • FAQs
  • Search
    • Advanced Search
    • Map Search
  • Local Insights
    • Castle Rock
      • Discover Castle Rock
      • Neighborhoods of Castle Rock
        • Meadows Castle Rock
        • Terrain Castle Rock
  • Our Story
    • Get to Know Me
    • Mission and Vision Statement
    • Client Testimonials
    • Frequently Asked Questions
  • Contact
  • Insights & Inspiration

Homeownership Can Be Within Reach

November 4, 2022 By Chuncey Foreman

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

It turns out millennials aren’t the renter generation after all. The 2022 Consumer Insights Report from Mynd says a portion of millennial and Gen Z buyers are pursuing homeownership as a way to build their wealth. Still, it may not be precisely how previous generations have done 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 to use it as a rental. This tactic may be gaining popularity, at least partly 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 continue living in their current location, like the bustle of a city apartment or a neighborhood they know and love, where they couldn’t afford to buy. But instead of giving up on owning a home, they buy a home in a more affordable area to rent.

In a way, they’re getting the best of both worlds. They live where they want and still own a home where they can afford it.

Their goal is to generate passive income and diversify their assets. It works like this: in addition to having a rental income stream, the equity they build in their house will also help grow their net worth over time.

Bottom Line

If you’re considering buying a home as an investment strategy to build your wealth, let’s connect to explore your options and nearby areas that may have homes that fit your needs.

Filed Under: Buyers, first time homebuyer, move-up buyers

Recent Posts

  • Beginning with Pre-Approval
  • Non-Financial Reasons to Buy a Home
  • SEP 2023/OCT 2023 NEWSLETTER
  • Home Equity’s Impact on Moves
  • Time to Sell Your Home?🤔
  • Why Is Housing Inventory So Low?
  • Price Appreciation Drives Wealth Growth
  • Retirement House Sale & Equity Guide
  • Affordable Smaller Homes Ahead
  • 2023 Home Price Forecasts Revised Up
* * , *
{{{disclaimer_txt}}}
Listing Data last updated: 26th September, 2023 19:00 MST
Equal Housing Opportunity
Privacy Policy
Service by Buying Buddy® IDX CRM
Copyright © 2003 - 2023 Buying Buddy. All rights reserved.
Equal Housing
Blue Fire Group    Real Estate Websites
© 2023 Copyright
LAC
Buying Buddy    Powered By Buying Buddy ®