The Boomerang Generation is Expanding due to Tough Home Buying Conditions
Young Adults Returning Home
According to a recent study, a large number of 18-30 year olds in the US are still living in their parent’s house. If you are one among them, don’t feel embarrassed. In the current unstable and uncertain economy, it is very difficult to sustain yourself on your own. Buying a home for the first time is a real tough thing. And if you have successfully overcome this, you are someone to reckon with.
Economic Recession
The economic recession that hit the US in the year 2008 was a real dampener to the financial dreams of the youth. Owning a property in the US is a much cherished dream of American youth. However, they get too tired paying for their expensive university studies that buying a home seems like a far-fetched dream.
The recent trend is of youngsters coming back to their parent’s house after college studies. Moving out at the age of 18 is something all freedom-loving American kids would love to do. And who would want to subject themselves to daily nagging by mom and dad. However, this Boomerang generation prefers to stay at their parents’ home until they are confident and financially fit enough to be on their own.
Financial Instability
Getting a good job with a sound income is getting increasingly difficult in these uncertain economic times. Property prices are skyrocketing in the US, and owning one has become a tough goal to achieve for youngsters. Those in the age bracket of 18-30 are finding it difficult to muster enough bucks to buy a home or at least pay for the monthly loan installments.
Parents no longer experience the empty nest syndrome like they used to do in earlier days due to their children staying with them. Youngsters, however, are caught in a tug of war, where they would love to leave their parent’s home but are unable to do so. And it’s difficult for them to gain the financial strength required to buy a home on their own until they have crossed 30. Some take financial help from their parents to buy a new home.
Need of Parental Help
Some find it easier to pay their parents some money for house management and maintenance than paying rent to a landlord for living in an apartment. Moreover, landlords have become suspicious of renting an apartment to the youth thinking they wouldn’t get their monthly rentals on a regular basis.
Seek Property Appraisal for Home Buying
Buying a home for the first time has its own problems like not knowing the intricacies of the real estate market like its price, legal matters, and other complexities. If you wish to get a clear picture of the property that you wish to buy, get a residential appraisal done for the property from an expert appraiser.
A real estate valuation will ensure that you are sure of the price of the property you are buying and not taking decisions based on emotions. This is because youth are more prone to emotional and impulsive decisions than the aged due to a lack of experience and wisdom in the former.
According to a recent study, a large number of 18-30 year olds in the US are still living in their parent’s house. If you are one among them, don’t feel embarrassed. In the current unstable and uncertain economy, it is very difficult to sustain yourself on your own. Buying a home for the first time is a real tough thing. And if you have successfully overcome this, you are someone to reckon with.
Economic Recession
The economic recession that hit the US in the year 2008 was a real dampener to the financial dreams of the youth. Owning a property in the US is a much cherished dream of American youth. However, they get too tired paying for their expensive university studies that buying a home seems like a far-fetched dream.
The recent trend is of youngsters coming back to their parent’s house after college studies. Moving out at the age of 18 is something all freedom-loving American kids would love to do. And who would want to subject themselves to daily nagging by mom and dad. However, this Boomerang generation prefers to stay at their parents’ home until they are confident and financially fit enough to be on their own.
Financial Instability
Getting a good job with a sound income is getting increasingly difficult in these uncertain economic times. Property prices are skyrocketing in the US, and owning one has become a tough goal to achieve for youngsters. Those in the age bracket of 18-30 are finding it difficult to muster enough bucks to buy a home or at least pay for the monthly loan installments.
Parents no longer experience the empty nest syndrome like they used to do in earlier days due to their children staying with them. Youngsters, however, are caught in a tug of war, where they would love to leave their parent’s home but are unable to do so. And it’s difficult for them to gain the financial strength required to buy a home on their own until they have crossed 30. Some take financial help from their parents to buy a new home.
Need of Parental Help
Some find it easier to pay their parents some money for house management and maintenance than paying rent to a landlord for living in an apartment. Moreover, landlords have become suspicious of renting an apartment to the youth thinking they wouldn’t get their monthly rentals on a regular basis.
Seek Property Appraisal for Home Buying
Buying a home for the first time has its own problems like not knowing the intricacies of the real estate market like its price, legal matters, and other complexities. If you wish to get a clear picture of the property that you wish to buy, get a residential appraisal done for the property from an expert appraiser.
A real estate valuation will ensure that you are sure of the price of the property you are buying and not taking decisions based on emotions. This is because youth are more prone to emotional and impulsive decisions than the aged due to a lack of experience and wisdom in the former.