Listen Now: Death of The Starter Home: The New (Millennial) Real Estate Market
First comes love, then comes marriage and somewhere along the way you buy a house.
Millennials are known for doing things a bit differently. And now it seems the starter home might be the next idea to go. Thanks to an expensive real estate market, millennials are being forced to become homeowners in different ways.
For example they’re renting longer and buying later. In most cases they don’t have a choice; home prices are at an all time high, they can’t take out a mortgage and inventory is low.
However waiting to buy means they can skip the starter home altogether. Many young buyers are renting and saving for so long that the first house they buy is more of a luxury than a stepping stone. Millennials don’t feel the pressure to buy a home and get married right after college so they work and stash away money for a big purchase.
And finally, some millennials are continuing to rent and instead buying a vacation home. Who needs a starter home when you could have beachfront property?
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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