Monday, April 11, 2016
Posted by: Matthew Craig
From a new study by Bank of America, it seems this generation of first-time home buyers are a little more patient than generations in the past, lowering demand for traditional “starter homes.” According to the study, 75% of first time home buyers would much rather wait until they can buy a nicer home they can grow into. More than half (52%) of first time buyers express a desire to live in the suburbs, which doesn’t support general assumption of the younger generation having a much larger affinity towards urban environments.
As a good indicator for many within the housing and home improvement industries, these new buyers are more than willing to make sacrifices in other areas of their life in order to afford their dream home. More than half are happy to give up things like nice clothes and new cars to get the house they want.