Millennials in NC Making the Move into Homeownership on NoDa

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Millennials in NC Making the Move into Homeownership on NoDa

Millennials in North Carolina are making the wise move towards homeownership in the popular neighborhood of North Davidson Street (NoDa) of Charlotte. Boasting a popular Historic Arts District, NoDa provides plenty of nightlife, social cafes, restaurants, bars and boutiques. The neighborhood is seeing increased activity with millenials buying homes ranging in style and price – for example, a fixer-upper might go for less than $100,000 if they’re lucky enough to get one; loft and condo prices average around $200,000, with single family home prices climbing to up to $400,000.

While many assume that millennials aren’t in any rush to move out of their parents’ homes or give up their rental homes, the numbers say differently.

Millennials, or the population born between 1982-2000 make up over one quarters of the US population, totaling 83.1 million. The Census Bureau explains that millennials have surpassed baby boomers as being the largest generation in U.S. history.

In reality, not only do millennials want to make the move to home ownership, they’re actually doing it. According to the National Association of Realtors (NAR) in their 2016 Profile of Home Buyers and Sellers in 2015, 61% of first-time homebuyers were millennials. The median age of all first-time buyers in 2015 was 31 years old. 

The chart below shows the breakdown by age:

Millennials in NC Making the Move into Homeownership on NoDa

A lot of factors have added to the millennials’ need to wait before owning, including marriage. The latest census showed that the median age of Americans at the time of their first marriage has seen significant increase over the last 60 years, with the average age of men increasing from 23 to 29 and women from 20 to 27 in 2015.

Many of the millennials who went to college are close to paying off their student loans, with the traditional student loan term lasting about 10 years. Once these payments are over millennials can more easily save for their first home. In 2015, first-time homebuyers made up 35% of all buyers, an increase from 32% in 2014. It’s also important to note that not all millennials are first-time homebuyers and make up for 12% of all repeat buyers.

Bottom Line

It is expected that millennials will continue to be a strong force in the Charlotte housing market in years to come, including those in areas such as NoDa in North Carolina. As more millennials realize that homeownership is within their grasp, more will continue to join in on the American Dream journey of home ownership.

Have you decided that homeownership is for you? Let’s talk! Call Showcase Realty today at 704.997.3794 or send us a message here!

We offer a variety of listings from townhomes and single family homes to bungalows and 2-story homes for sale in Noda. We want you to be able to close the deal when you finally find the right home so be sure to take time to read Buying a Home? Make Your Offer Stand Out!

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