For the Millennial generation, that being the generation of current twenty-something’s that came of age during the change of century, renting is more than a way of life–for many it is a financial necessity. Or, at least it has been for the past several years, but this trend is starting to change as more young professionals are making the jump to hone ownership.
For years, experts have evaluated the living and rental habits of the Millennial generation and determined that many consider renting a permanent living solution, an attitude towards renting that many in older generations do not shared. This attitude towards renting marks a big shift in the perception of home ownership, or at least so was thought. This past month the Harris Interactive survey group conducted a study among Millennial renters and found that the majority of renters do plan to buy a home “someday.” In fact, more than 30 percent of current renters hope to purchase a home within the next two years.
This shift from rental property management to property sales is coming at a good time for many renters, as the average price of property sales in Jacksonville and throughout the rest of the country are on the rise, and the monthly cost of rental property management in Jacksonville is also picking up drastically. Many experts agree that the slow pickup property sales over the past several years is likely a result of cautious buyers who witnessed the hardship experienced by so many pale since the housing crisis.
As 2012 comes to a close there are a number of positive evident trends in the housing market, including a vast decline in the number of Florida foreclosures and short sales entering the market regularly. Many Millennial renters are especially cautious of entering the housing market as buyers, as so many twenty something’s witnessed their parents, neighbors and loved ones experience financial hardship as homeowners. As the market improves, so does the perception of owning a home. As we welcome 2013 and continue to watch as property sales pick up, don’t be too surprised to witness more current renters finding their way into the housing market in as first time home owners.