Real Estate and the Millennial

As a mom of two millennial kids I can say that I am very concerned about the potential for them to buy real estate in the near future. My son is fortunate, he has been a Realtor for the past 3 years and has worked very hard to put himself in a position to buy a home. Our daughter, however, took a different route in life. She has always wanted to be an architect and went through college to achieve her masters in her chosen field. As a proud parent of both of my children, I have seen both sides of the millennial struggle. According to the National Association of Realtors last year millennials made up 32% of the real estate market and this year it’s estimated to be at 31%.
My concern is that our educated, college graduates will have so much student loan debt that they will not be able to buy for quite some time. Many millennials may have to choose between paying off their student loan debt, saving for their own kids college, paying bills or buying a home. Only 22% of the 30 plus year old millennials who have student loan debt also owned a home last year. That is down from 34% in 2008. This is a very concerning trend and it’s not expected to rebound.
My job is my passion and my goal is to help as many millennials as I can to achieve home ownership. I own a local John L. Scott Real Estate office in Pierce County, Washington. After seeing the rising struggle of our young millennials I have a true want to help them. If you know of a millennial that is struggling with the home buying process and would like some free advice please have them call me at 253-307-6438.

Your friends at John L. Scott, Orting,
Dawn Heilbrun, Owner
253-307-6438