Greensboro North Carolina Ashcroft Park | Homeownership is a Dominant Gene
At a local level in Greensboro North Carolina, buyer confidence remains strong with some changes that varies on the price level and whit type of houses they are looking for.
Particularly in and around Ashcroft Park 27455 zip code. The addition of new store and business entities in the area makes Milestone one of the most busiest areas in Greensboro NC.
As you are aware, for most families, choosing a new home is the biggest financial decision they will ever make and for that reason, there are many complicated decisions involved in choosing your new home.
Today, I would like to talk to you about Homeownership is a Dominant Gene
There are many things that factor into the decision to buy a home. New research from the Urban Institute suggests that one of those things may be inherited from your parents.
Children are More Likely to Own a Home if Their Parents Did
According to an analysis of millennial homeowners, the homeownership rate of those whose parents rent their homes is 14.4%, while the rate amongst millennials whose parents are homeowners is 31.7%!
“A young adult’s odds of homeownership are highly correlated with their parent’s homeownership.
Without controlling for such factors as age, income, education, marital status, and race or ethnicity, there is a 17 percentage-point gap between the homeownership rate for young adults whose parents are renters and young adults whose parents are homeowners.”
The study also revealed that as a parent’s net worth increases, so does the likelihood that their child will own a home. These two findings are not surprising as we know from the Survey of Consumer Finances that a homeowner’s net worth is 44x greater than that of a renter.
So, a parent who is a homeowner will have more wealth which will, in turn, increase the chances that their children will own their own homes in the future.
Below is a breakdown of the relationship between a parent’s wealth and a millennial’s likelihood to own a home.
The Good News: The high homeownership rate amongst baby boomers (likely the parents of many millennials) is a great sign that millennials will want to own homes. We are already seeing this in the high-demand environment that we are currently experiencing in the starter and trade-up markets.
Even though millennials took longer than many of the generations before them to start home searches of their own, the data shows that they will not be waiting much longer!
If you want to find the best house for the money in Ashcroft Park in Greensboro North Carolina….
This is what we can do for you,
We will prepare you a list of houses that fit your criteria and take the time to show all these houses to you, with no pressure and no hassle.
So please let us know when you are ready to get started
If you want to get started now,
Please call us at 800-950-6453
Or text to: 336-750-6453
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- Call or text 336-750-6453 for more information.