This regularly-scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Rosslyn resident. Please submit your questions to him via email for response in future columns. Enjoy!
Question: I’ve read a lot of articles that millennials are not buying homes and with Arlington being such a popular destination for millennials, do you see that causing a drop in real estate prices in the future?
Answer: I’m sorry. I can’t stand the constant millennial click-bait analysis either. I really didn’t want to write a column about millennials (born early 80’s through the 90’s), but here we are. Having been asked the same version of this question four times this month during meetings with homeowners, I figured it was worth addressing.
While accusing millennials of killing home buying isn’t as bad as accusing millennials of killing Mayonnaise, it’s just as misguided. Millennials are and will continue to seek home ownership like generations before them. Here’s why the “Millennials Don’t Buy” theory is wrong:
Most Millennials Are Not Old Enough
It makes sense to study the entire generation for things like media consumption, something that people do at all ages, but not home-buying. Currently, the youngest millennials are just heading to college and the oldest are in their mid-to-late 30’s.
Historically, the average first-time homebuyer has been in their early 30’s, so we’ve only seen about one-third of the generation reach average home-buying age. Let’s wait for more of the generation to reach their early 30s before we make broad assumptions about their home ownership preferences.
I’m confident that 5 years from now, home ownership trends amongst millennials in the DC Metro will be as strong or stronger than previous generations. The 20-somes I meet with are eager to stop renting and start building equity.
The Great Recession
For those that point to millennials waiting longer to buy their first or second home, historical perspective is important. The oldest third of millennials (those in their 30’s) were in the early stages of their careers during the Great Recession so the generation got off to a slow start saving up for a down payment and building an income to support a mortgage.
Tighter Lending Practices
The Great Recession also led to tighter lending practices (rightly so) requiring higher savings, higher incomes and more restrictions than before. Couple that with the difficulty building a savings and income, as noted above, and even those highly motivated to buy were forced to rent a bit longer.
Not Rushing to Major Milestones
Home buying is often aligned with other major life milestones like marriage and having children. As reported by ARLnow last week, the NY Times just released a study showing that Northern Va has three of the top ten counties with the highest average age for first-time mothers.
I believe this is tied to us having the most educated population in the US, thus people are spending their 20’s focused on education and careers, not thinking about marriage, children and buying a home until later in life. This does not mean millennials don’t believe in home ownership, as many news articles have led you to believe, they’re just not rushing to get there.
Whether you are a millennial navigating your first home purchase, a Boomer or Silent Generation homeowner looking to “right-size,” or anywhere in between, the Eli Residential Group is here to help.
Call (703-539-2529) or email me any time to talk or schedule a meeting.
If you’d like a question answered in my weekly column, please send an email to [email protected]. To read any of my older posts, visit the blog section of my website at www.EliResidential.com. Call me directly at (703) 539-2529.
Eli Tucker is a licensed Realtor in Virginia, Washington DC, and Maryland with Real Living At Home, 2420 Wilson Blvd #101 Arlington, VA 22201, (202) 518-8781.
Good Wednesday evening, Arlington. Today we published articles that were read a total of 13308 times… so far. 📈 Top stories The following are the most-read articles for today —…
Thursday will be another Code Red air quality alert day for Arlington and the D.C. area. The good news, though, is that some relief from the wildfire smoke is in…
Exquisite renovation and thoughtful design only 2 blocks to Ballston Metro!
Arlington’s preeminent youth soccer league is nixing white shorts. The Arlington Soccer Association announced yesterday that it would replace white shorts with blue shorts, starting in the fall. The move…
Camps are just the beginning of what’s in store at Art House 7 this summer. We’re thrilled to offer an array of exciting classes for both kids and adults!Rediscover your creativity with some of our AH7 favorites, such as drawing, hand-sewing, modern embroidery, and our popular 3-week Jump into Crochet classes. But that’s not all! We’ve added some fresh and exciting options to our summer class selection, guaranteed to spark your imagination.
To enhance your artistic journey, we have intensified some of our Ceramics: The Wheel classes to a full 3-hour duration. This extended time allows for more creativity and skill development in each class session. If you’re eager for a captivating twist, give Contemporary Still-Life Drawing & Painting a go. Or why not try an immersive outdoor painting adventure? We have a unique opportunity for you to bring your painting skills to life while learning and creating in the great outdoors with our Landscape Painting: Studio and Plein Air class!
We invite you to visit our website and explore our full Summer Session schedule, brimming with a diverse range of classes and camps. Classes and camps begin June 20th. Unleash your inner artist, broaden your horizons, and embark on a summer adventure like no other. Let’s make this a summer to remember at Art House 7!
🌿 𝐄𝐦𝐞𝐫𝐚𝐥𝐝 𝐌𝐚𝐬𝐬𝐚𝐠𝐞 𝐂𝐞𝐧𝐭𝐞𝐫: 𝐑𝐞𝐣𝐮𝐯𝐞𝐧𝐚𝐭𝐞 𝐘𝐨𝐮𝐫 𝐁𝐨𝐝𝐲 𝐚𝐧𝐝 𝐒𝐨𝐮𝐥 🌿 Local business is the heart of a strong community, and at Emerald Massage Center, we’re proud to be a vital part of that heartbeat. Our passionate team of Licensed Massage Therapists is dedicated to providing you with a sanctuary of relaxation, rejuvenation, and renewal.
🌟 𝐖𝐡𝐚𝐭 𝐖𝐞 𝐎𝐟𝐟𝐞𝐫 🌟
Our wide range of massage services includes Swedish, deep tissue, prenatal, sports massage, hot stone, aromatherapy, and more — all tailored to your individual needs. Whether you’re seeking relief from stress, muscle tension, or chronic pain, our skilled therapists will help you achieve total wellness.
🏆 𝐎𝐮𝐫 𝐂𝐨𝐦𝐦𝐢𝐭𝐦𝐞𝐧𝐭 🏆
Nighthawk Brewery & Pizza to Host Brewers Got Your Back…
Nighthawk Brewery & Pizza at Westpost (formerly Pentagon Row) in Arlington, Va., will host Brewers Got Your Back on Saturday, June 17.
Brewers Got Your Back is an event in partnership with the American Foundation for Suicide Prevention to raise
Homebuying 101: Steps to Getting Pre-Approved
Are you ready to jump into homeownership or started considering it but don’t know where to start? Financial preparation is key when thinking about purchasing your first home and the first step to getting pre-approved.
Join ACFCU’s mortgage loan officers