In a recent article written by The Morning Call, a daily newspaper based in Allentown, Pennsylvania, our very own Justin Kline from our Hellertown Sales Center contributed some of his professional knowledge about millennials and the current real estate market.
The article discusses the impact the millennial generation has had on the real estate market in the Lehigh Valley area. According to the U.S. Census Bureau, 24% of the population in Allentown is made up of millennials. Why do you ask? Well, some factors include convenience, the town's revitalization and aspects of the towns social life.
Most of the individuals in this generation are looking to buy homes, however; affordability is their biggest obstacles. Justin was quoted in this article stating "In my opinion, most 24-28 year-olds would prefer buying. However, many are crippled by student debt."
Due to debt and other factors, most millennials are finding it difficult to buy homes because they are not being approved for loans. According to the article, The Greater Lehigh Valley REALTORS and the Pennsylvania Association of REALTORS are working with state lawmakers in the hopes of creating a "First-time Homebuyers Savings Account". This account would help millennials come up
Interested in more? You can read the full article here. If you have any questions about buying or selling a home, please contact us today!