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Is home ownership becoming too out of reach for younger Americans ?
The housing market right now is absolutely insane in my area of Florida, not sure how it is in other parts of the world. My brother is a realtor and he says that within 24 hours of a house listing, he has 10-20 offers on a house. Completely average houses. People from completely different states that haven’t even looked at the house. Most of these buyers are ages 37-50 he says. This gives no chance for younger buyers looking for their first home who get priced out by older buyers with more money and people on the market who are inflating home prices because of the high demand. Most younger millennial age 27-35 stand no chance at all getting a home. And with covid-19 affecting younger people disproportionally such as recent college grads who can’t find jobs etc etc, it’s tough economy for people in their 20s trying to get established after college
4 Answers
- Anonymous5 days ago
The buying frenzy is not only happening in FLA, it's happening around other parts of the US. I don't think homeownership will be out of reach for younger people. People panicked and moved, but this frenzy will come to an end and things will shift. In a year or so, there will be more homes available.
- realtor.sailorLv 75 days ago
I agree the Florida real estate market is extremely active. First time home buyers are going to have to lower their standards.
- SCATTY cLv 65 days ago
It is the same in the UK. A 20 something work colleague of trying to buy their first house. Prices are high to start with, bit houses are getting snapped up the day they come on the market.
He sees a house, puts an offer in of the asking price. The estate agent phones to say that someone else has put a second offer offer that's £x over the asking price and does he want to put in another offer.... And so on.
It's definitely a seller's market right now.
- A HunchLv 75 days ago
Your brother is a liar= there are not 10+ offers on most house in a 24 hour period.
There are plenty of young people that have money to buy houses.
However, people under 30 are never a high percentage of home buyers.
