To Rent Forever? Or Take Action to Build Wealth?

In the real estate market today, we are seeing less homes available to purchase that are in an ideal price point for first-time buyers. If you talk to anyone in the millennial category, you will find most want to own a home – but setbacks such a college debt are playing a huge factor in millennials renting instead of buying. A recent Apartment List survey found that “Nationally, 12.3 percent of millennial renters say they plan to “always rent,” up from 10.7 percent just one year ago.” If the real estate market continues as it is, the percentage of “always renters” will increase every year. Apartment List also found in this survey “Only 25 percent of millennial renters will be able to afford a 10 percent down payment on a median-priced home in the next 5 years. If student debt obligations were dismissed, this would improve to 38 percent nationally, and more than 50 percent in some metropolitan areas like Minneapolis and Houston.” 

Colorado Springs is a city familiar with millennials and being short on housing in the first-time buyer price point. There are numerous apartment complexes being built at rapid speed throughout Colorado Springs that helps alleviate the lack of housing but keeps renting alive versus buying. The Brookings Institution’s Metropolitan Policy Program study on millennial population stated “The city’s millennial population increased by 14.7 percent from 2010 to 2015. In 2015, Colorado Springs’ population featured the sixth-highest proportion of millennials - 26.4 percent.” 

At The Lana Rodriguez Group (LRG), we are happy to answer any questions about first time home buying and go over the whole process for you, conducting the appropriate due diligence, finding a price point where you are comfortable at. There are many first-time home buyer programs we can utilize to help with purchasing a home, and we can educate you on how those programs work. We love making everyone’s dream of owning a home a reality, but putting the clients wants and needs first – making sure you are comfortable in every aspect before signing!