Many Boston North Shore home buying experts say that more people are waiting longer to purchase. This is especially true with the generation known as "Millennials," those in their late 20s to mid 30s. In fact, according to Zillow the average age of most first-time home buyers is 33, compared to 29 in the late 1970s.
An Inside Look at Boston North Shore Home Buying
While the housing industry has been deemed strong and vibrant, and even though interest rates are low, many young Americans are reluctant to enter the Boston North Shore home buying arena. Real estate experts say their hesitation to buy often is the result of concerns about increasing non-housing expenses in an uncertain and often volatile economy. Factors such as the high cost of health insurance and medical care, college expenses and rising student loan debt worry prospective home buyers.
Millennials aren't necessarily worried about higher home prices as much as they are these and other factors — including social influences. In many instances they are more apt to living in places that better suit their interests and lifestyle, regardless of whether they have to rent in lieu of building equity in a home of their own. The "double-edged sword, " however, is that higher rents in some urban areas can mean a greater difficulty in saving for a down payment when they're ready to enter the Boston North Shore home buying market.
In addition, industry insiders say, some prospective home buyers see homeownership as a big risk. They grew up in a time where they saw friends and family adversely affected by the most recent housing collapse. Quite naturally, that event left an indelible mark on the psyche of many of them.
Another important factor preventing some from making Boston North Shore home buying decisions is the job market. Most Millennials finished college during the recent recession of less than a decade ago. Many were unable to find desired employment and had to settle for whatever jobs were available. Mounting student loan debt and higher rents have forced many to plade their home buying dreams on the back burner.
One final reason some young people have eschewed the Boston North Shore home buying experience is their ongoing love affair with "instant gratification." And while that would ordinarily indicate their desire to enter the market in search of a new home with modern conveniences and little maintenance, the cost of doing so is prohibitive. They are forced, therefore, to consider the typical "fixer-upper," which appeals only to a segment of their generation's population.
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