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Millennials Are Increasing the Demand for Condominiums

Millennials Are Increasing the Demand for Condominiums | Simplifying The Market

When deciding to buy a home, people are presented with many different options. The type of home you buy depends on your needs, budget, and in many cases, the desired maintenance level. For many millennials, their choice has been buying a condominium!

According to CoreLogic,

“Last year about 43% of all condo home-purchase mortgage applications were submitted by FTHBs… Similarly, the data show condos were more popular with young homebuyers and empty nesters. For instance, 21% of all condo home-purchase mortgage applications were submitted by buyers aged 18 to 30, compared with just 17% of all single-family home-purchase mortgage applications by the same group in 2018.”

With home prices increasing year-over-year, it makes sense millennials are buying condos instead of a single-family house. As a result, the demand for this type of home has been increasing.Millennials Are Increasing the Demand for Condominiums | Simplifying The MarketAs this graph explains,

“The younger millennials are the largest cohort and are likely to drive much of the condo demand in the coming years”.

Bottom Line

If you are a millennial considering buying a home, understand that there are many options available. You may find yourself in a condominium as your first home. If you would like to determine which type of home best fits your needs, let’s get together to evaluate your options!

Posted in:

  • Home Selling,
  • Millennials

Post Tags:

  • condominiums,
  • millennials,
  • Real Estate
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Tim Walsh, Ayda Walsh, Kaylee Walsh, Jeff Walsh and Sean Paulson are all independent, licensed real estate agents working together. They are all licensed in VA. As of Jan 1st, agents are limited to advertising as a TEAM unless they have a business entity/licensed under a TEAM. We are independent agents working together but not under a TEAM Business.

Some of the data relating to real estate for sale on this web site may come from MRIS or from the owners of the property. Other Listings or additional information may come from various different websites or brokers who participate in the MRIS, MRIS Products or with ACE Video & Marketing. Properties listed with brokerage firms other than Kaylee Walsh with SAMSON Properties are marked with the MRIS Logo and detailed information about them includes the name of the listing brokers. The properties displayed may not be all the properties available. All information provided is deemed reliable but is not guaranteed and should be independently verified. We respect agent relationships. If you are already working with an agent, this is not intended to be a solicitation. Kaylee Walsh is licensed in the state of Virginia.

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