February 01, 2019
Several of Our Client Markets Make a List of Cities in Which Millennials Can Afford to Buy a Home
One of the more spurious stereotypes about Millennials would have us believe that this large and mighty group of economic actors has in large part chosen to forgo the standard purchasing practices that have been embraced by the other living generation sets. We have gone into some details that counter this stereotype in the past—including pointing out that, yes, Millennials do buy homes. But we have had to temper our affirmation of this group’s generational normalcy with the fact that, at least to this point, they do not tend to purchase homes at the same robust rates as their predecessors did when in the same age-range.
This seems in large part to be the fault of a number of societal factors all coming together at once within this group. First of all there was the “Great Recession,” which hit right when they might have started thinking about building nest eggs, and caused them to view the housing economy through cloudy lenses. And then there is the rise in student debt, which continues to gnaw away at any nest eggs they may succeed in establishing. Moreover, it appears that average wages have failed to keep pace with inflation, despite inflation’s relatively low pace over the past decade. All put, Millennials just aren’t as well-off as the previous few generations quite as early in life.
So when it comes to buying a home, for Millennials it’s all about location, location, location.
A recent Housing and Mortgage Review by Arch MI lays out 25 of the nation’s most affordable locations for buying a home, which makes them just right for the Millennial set’s housing aspirations. And, luckily, a few of them fall within the service area of Topouzis & Associates, P.C. Those cities are, namely: Worcester, Massachusetts; Jacksonville, Florida; Lakeland-Winter Haven, Florida; and Tampa-St. Petersburg-Clearwater, Florida.
We here at Topouzis & Associates, P.C. are experienced at title searches, and we are supported in supplying title insurance by numerous underwriters. Contact us if you’re a Millennial looking to get into a new property, and we’ll put our vast experience to work for you, ensuring clear sailing through the closing process and beyond.