The Millennial homeowner is not some one-in-a-billion, mythical unicorn: 37% of people ages 25 to 34 owned homes as of the end of 2015.
Brad and Jami Pettiford bought their home in October 2015 because they were sick of paying rent. With a three-month-old daughter and a pre-approval letter for a $330,000 mortgage, the couple figured a suburban Detroit starter home would be a sound place to park some money and hopefully earn a modest return.
But they differ from the prototype in one important way: They were under 30 when they became homeowners. “I view it a lot like the idea of going to college after high school,” says Brad, now 32 and working in the mortgage industry. “It was just kind of the thing you do next. All my friends own homes.”
Who is the Millennial buyer? “They are disproportionately married. They are disproportionately well educated and more affluent. They are disproportionately white,” says Laurie Goodman, co-director of the Housing Finance Policy Center at the Urban Institute.shows that marriage is the single biggest predictor of whether a Millennial owns a home, with matrimony increasing the probability of being an owner by 18 percentage points. Having a child increases the likelihood of owning a home by 6.
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