{"id":2327,"date":"2018-05-30T10:00:19","date_gmt":"2018-05-30T10:00:19","guid":{"rendered":"https:\/\/thezakariagroup.com\/millennials-are-skipping-starter-homes-for-their-dream-homes\/"},"modified":"2018-05-30T10:00:19","modified_gmt":"2018-05-30T10:00:19","slug":"millennials-are-skipping-starter-homes-for-their-dream-homes","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/millennials-are-skipping-starter-homes-for-their-dream-homes\/","title":{"rendered":"Millennials Are Skipping Starter Homes for Their Dream Homes"},"content":{"rendered":"
\n

\"Millennials<\/p>\n

A new trend has begun to emerge. With home prices skyrocketing in the starter home category, many first-time homebuyers are skipping the traditional starter homes and moving right into their dream homes.<\/span><\/p>\n

What\u2019s a Starter Home?<\/strong><\/h4>\n

According to the National Association of Realtors <\/em>(NAR), simply put, a starter home is a one or two-bedroom home (sometimes even a small, three bedroom).<\/em> \u201cPrices vary widely by market but starters on average cost $150,000 to $250,000 while trade-up and premium homes cost upwards of $300,000.\u201d<\/em><\/p>\n

Finding Their Forever Homes Now<\/strong><\/h4>\n

A recent CNBC article<\/a> revealed that there are many factors that delayed older millennials (ages 25-35) from buying a home earlier in their lives. The aftereffects of the Great Recession teaming up with larger education costs forced many to either remain living in their parent\u2019s homes or to rent.<\/p>\n

With the economy continuing to improve, many millennials have been able to break into better-paying jobs which has helped spur down payment savings. As the dream of homeownership comes closer to reality, many millennials are saving for their forever homes.<\/p>\n

According to the latest statistics from NAR, 30% of millennials bought homes for $300,000 or more this year (up from 14% in 2013). Diane Swonk, Chief Economist<\/em> at Grant Thornton weighed in saying, \u201cThey rented for longer. Now they\u2019re going to where they want to stay.\u201d<\/em><\/p>\n

More and more millennials are settling down, getting married, and starting families, which is a huge factor driving them to look for larger homes.<\/p>\n

Increased competition in the starter home market has also been a driving force in waiting to afford their dream homes. Inventory in the starter home market is down 14.2% from last year, according to research<\/a> from Trulia<\/em>. This has driven prices up and has led to bidding wars.<\/p>\n

Many first-time buyers who were originally looking for starter homes are realizing that for just a little bit more of an investment, they could afford trade-up or premium homes instead.<\/p>\n

Bottom Line<\/strong><\/h4>\n
\n
\n

If you plan on purchasing your first home this year, let\u2019s get together to determine how much house you can afford. You may be pleasantly surprised.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

A new trend has begun to emerge. With home prices skyrocketing in the starter home category, many first-time homebuyers are skipping the traditional starter homes and moving right into their dream homes. What\u2019s a Starter Home? According to the National Association of Realtors (NAR), simply put, a starter home is a one or two-bedroom home […]<\/p>\n","protected":false},"author":101010,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[98,99,109],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\nMillennials Are Skipping Starter Homes for Their Dream Homes - The Zakaria Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thezakariagroup.com\/millennials-are-skipping-starter-homes-for-their-dream-homes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Millennials Are Skipping Starter Homes for Their Dream Homes - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"A new trend has begun to emerge. 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