OpinionAgent

5 first-time homebuyer lies that are hurting the market

Don't be fooled by the hype
  • The fact is: there’s more value in owning a home than renting, and now is a good time to buy as people are spending a smaller percentage of their income on home payments than 30 years ago and interest rates are low.

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Numerous articles have been written proclaiming that it’s cheaper to rent than it is to buy, that today’s high prices are preventing first-time buyers from purchasing and that millennials aren’t nearly as motivated to purchase homes as the baby boomers were. The next time you hear one of these myths, here’s how to set the record straight. Myth 1: Millennial attitudes toward ownership differ from those held by boomers NAR’s Profile of Home Buyers and Sellers for 2016 was based upon a 132-question survey that generated 5,465 responses from buyers. Zillow conducted a 160-question survey of 13,000 homebuyers who had closed transactions in 2016. The average buyer in the study was 36 years old with half the buyers being millennials. Zillow’s study is especially compelling because the dataset is more than twice as big as NAR’s dataset. In both studies, the primary reason respondents wanted to purchase a home was the desire to own a home of their own. Both studies also...