There are many things that factor into the decision to buy a home. New research from the Urban Institute suggests that one of those things may be inherited from your parents. Hi, I’m Shawna Kurowski with the Desert Charm Living Real Estate Team.
Did you know, children are more likely to own a home if their parents did? According to an analysis of millennial homeowners, the home ownership rate of those whose parents rent their homes, is 14.4% while the rate among millennials whose parents are homeowners is 31.7%. The study also revealed that as a parent’s net worth increases, so does the likelihood that their child will own a home.
These two findings are not surprising as we know from the survey of consumer finances that a homeowner’s net worth is 44 times greater than that of a renter. So a parent who’s a homeowner will have more wealth which will in turn, increase the chances that their children will own a home in their future.
Here’s a breakdown of the relationship between a parent’s wealth and the millennial’s’ likelihood to own a home.
Interest rates are still at historic lows and now is a great time to secure a mortgage and make the move. If you’re looking for a home, give us a call. It’s worth a look to see if you can buy and how much home you can afford.
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Desert Charm Living Real Estate Team
Call or Text: 602-529-3380
Buying a Northwest Valley AZ home should be fun, hassle-free, and a positive experience. We’ll help you sell or buy your perfect Peoria, Glendale or North Phoenix area home, avoid mistakes that could cost you thousands, and save time in the process.