- Millennials were born between 1980 and 1995 (National Association REALTORS®)
- The Millennial generation is larger than the baby boomer group, 87 million vs 76 million (NAR)
- Also known as Generation Y or Gen Y
- 26% are home owners
- 26% live at home with parents
- Nearly half of this group are renters and almost all hope to own their own single-family home
- 26% are married / 12% are unmarried couples
- 44 percent have student loan debt with a median loan balance of $25,000
- They make up 68% of all first-time buyers
- 87% of Gen Y sellers use a real estate agent to sell their home
- 90% of buyers in this group use an agent to buy.
Finding affordable homes for millennials, renters and first-time homebuyers in Northern Virginia can be quite a challenge. Increase your chance for success with me as your REALTOR®. I've been helping first-time homebuyers for nearly two decades.
My Gen Y buyers and sellers are heavily tech-dependent. Often, they find houses through online search before we meet and rely on me to interpret community, financial and other data for them. Many times, I'm able to show them houses similar to the ones they find that better suit their needs. I also specialize in helping first-time buyers find find favorable financing, and make the process easier with electronic forms, signatures, etc.
All is not lost! I can help you find financing that works for you!
There are dozens of homeownership programs available in Virginia. Finding the right program for your can mean the difference between closing the deal and losing the home you want.
FHA loans have become quite popular for first time buyers. They do require mortgage insurance of 0.85% of the loan amount, but lenders often roll the fee into the loan so it doesn't add more money at closing. They also require lower down payments - as low as 3.5%, and more relaxed credit score requirements.
Homeownership financing programs update frequently. I keep up-to-date with PenFed Realty's best loan programs and have professional relationships with some of the most successful home loan specialists in the region. Together, we'll help you find the most affordable path to homeownership.
FHA loans are not the only game in town.
Besides national programs like Fannie Mae, Freddie Mac, USDA and the Veteran's Administration, there are over three dozen funded home loan programs in Virginia?
When I meet with millennials and others seeking home ownership, I often find that they don't fully understand down payments requirements, the value of credit scores in the lending process and current borrowing programs - even with all of the information available online. As an experienced Northern Virginia REALTOR,® you can count on me to keep you informed.
More than any other client base, my younger clients communicate heavily via texting and email and since they prefer home searches on mobile devices, I'm happy to provide a mobile-ready website that offers a free online home search account to store and track homes of interest. Click here to search homes at sweethomeva.com now!
The average first-time buyer's down payment is 7%
Alexandria VA Condo for Sale ~ 203 Yoakum Pkwy #1517 is a Commuter’s Delight! If you’re looking for a city lifestyle without the high price tag, welcome to your new home in Alexandria City where convenience, location and a beautiful luxury home meet. Two bedrooms, two Bathrooms in a luxury … Read MoreSee details
- walk score: 60 out of 100
- indoor and outdoor tennis courts
- indoor aquatics center and outdoor swimming pools
- Metro shuttle
- convenience store
- jog/walk path
- picnic Areas
- Putting Green
- & More!
WHERE DO MILLENNIALS WANT TO LIVE?
They want a walkable lifestyle where jobs, cafes, grocery stores, public transportation, etc. are steps or a bike ride away. Nationally, only 13% live in or near downtown areas in American cities. It's just too expensive. This is certainly true in Washington, DC. where Gen Yers tend to be older, more educated, and make more money than than others in their group across the country (Urban Land Institute).
Search homes for sale in Alexandria, Arlington, Falls Church and McLean
Finding a home to buy in the suburbs close to Washington, DC - that you like and can afford, can be difficult. But, it's not impossible. I can help!
The majority, even those without kids, want to buy a single-family home with room to grow into. Surveys reveal they desire three or more bedrooms, two floors, a porch and high quality appliances. In our region, where millennials skew older, the demand is high for this type of house especially in Northern Virginia's inside the Beltway communities. They want larger homes, great schools, accessible public transportation and plentiful lifestyle amenities...AND, they want it to be move-in ready with upgraded features. Getting this in the first-ring suburbs (McLean, Arlington, Falls Church and Old Town Alexandria) is difficult for Gen Y buyers due to lack of affordable housing in these areas.
Have you considered suburban communities further out from Washington, DC? Many have downtown areas, shopping districts, parks and transportation options that can suit Gen Yers' home desires with much lower costs. Consider these:
- Old Town Manassas, which has a thriving downtown with a central gathering spot (Harris Pavillion) for farmer's markets, ice skating and more.
- Embrey Mill, a new home community in North Stafford with an expansive set of lifestyle amenities, like a cafe, fitness center, aquatics center, trail system and more.
- Lorton Station, a vibrant community of homes 10-15 years old. Walk to cafes, restaurants, post office, etc. Near major highways and transportation routes, VRE and Amtrak.
Finding affordable homes for millennials, renters and first-time homebuyers in Northern Virginia is a specialty.
Be sure to use a REALTOR® with experience and results. Contact me!