Challenges and trends affecting the millennial homeownership

The real estate market is flourishing even in such tough times. Even though COVID-19 has impacted everything at such a rapid rate, there is no stopping for the young and low-income buyers. The millennials are one of the most common generations who have missed out on a lot of opportunities. Well, it is necessary to know that these millennials have hugely influenced the real estate market.

With the older people turning away from the market, more and more millennials are coming into the business. It is necessary to keep a check with everything for better results. The upcoming trends and challenges have, however, hugely impacted markets around Montreal. This is usually because the real estate market is so rapidly changing. Some of the prominent trends that have had a huge impact on the millennial homebuyers include the following

  • Age of first-time buyers has increased

The average age of a first-time buyer in today’s time is 36 pretty high as compared to the previous generations. In today’s time, the homeowners don’t prefer investing in a house until the age of 30. The millennials take a lot of time before investing in houses. Although the wages haven’t increased, they consider investing in a home only when they are financially stable enough.

  • Parents help with the purchase

Statistics have shown that around 90% of millennials today prefer taking the help of their parents before investing in their property. Most of the time, these people take money from the mortgage and fail to qualify. Thus, it is their parents who help them in such a situation. This is mostly because most of the millennials are in heavy debts with huge stagnation in their salary. The choice of banks also has an important role to play in impacting the down payment and deposit for the kids.

  • To move or not move

One of the greatest reasons why millennials do not buy houses is their dilemma to move or not. Most people are still confused about purchasing a house. So, the price and income ratio varies a lot. If there is no job growth, people do not usually prefer buying the house. Being pretty about the lifestyle also contributes to the rising dilemma to move or not to move. Most of the affordable houses are available around the countryside. So, many people refrain from moving in those areas.

Well, if you want affordable housing, you can consider the maisons de luxe a mont royal for effective housing.