Although an increasing number of young adults say home ownership is among their top goals, data shows that unaffordable prices and mounting student loan debt is making this goal harder to achieve. In a survey conducted jointly by CoreLogic and RTi Research shows that more than a quarter of millennials are interested in purchasing a home within the next year.
The increase in Millennial home buyers entering the market putting increased pressure on home prices as well.
“A growing number of millennials are expressing an interest in buying homes, reinforcing the theory that this cohort is continuing to engage within the housing market,” said Frank Martell, president and CEO of CoreLogic. “But with so few homes available for sale, the imbalance has created an affordability crisis that is getting worse every day.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.625 percent and 15-year rates are near 3.125 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.