Reported 5 months ago
Despite rising housing costs and economic uncertainties, Gen Z and younger millennials are showing a strong commitment to homeownership, with 40% of new mortgages in 2023 going to buyers under 35, according to a RedFin report. Three key factors driving this trend include the timing of home purchases in late twenties to early thirties, the perception of real estate as a safer investment than the stock market, and the financial feasibility of taking out mortgages due to limited available cash. Additionally, newly built homes are increasingly outperforming existing homes in the market, with one-third of single-family homes for sale being in the new home market. Builders are responding to high demand by offering incentives and attractive pricing, leading to a surge in construction activities and new home sales.
Source: YAHOO