As per US Census Bureau : The Millennial generation is the biggest in US history—even bigger than the Baby Boom.

Northern Virginia has every variable for a HOT housing market for home buyers. We have strong job potential with an unemployment rate of 2.9%, educated workforce, high income, Loudoun County is considered to be the richest country in the country and ample of new construction on to choose from. On a macro level for a home buyer, we have a historic low-interest rate. 

Despite the above, the one variable that is holding Millennials back to purchase a home in Fairfax or Loudoun County is Student Debt!!

Many of these young grads are able to secure a decent job but due to changes in the student debt repayment, many are coming shortly when it comes to American Dream.

However, this generation of Millennials is educated and smart. Some of them are staying with parents, grandparents or sharing a rental place to save up or repay the student loans. Once that is paid off the first to-do on their wish list is to be a homeowner. I attended an economic summit and as per one of the economist by the time they Millennials are done repaying or ready to purchase their first home they are ready to make a commitment to raising a family which means they will be looking for housing that will grow with their family rather than invest in an urban area later moving into a suburb area. If that holds true Fairfax & Loudoun county both are a very popular suburb of DC metro area where we have a balance of personal life, entertainment, school district and commuter options.

I recently attended an economic summit and as per one of the economist “By the time Millennials are done repaying or ready to purchase their first home they are ready to make a commitment to raising a family or get married.”

Which could mean they will be looking for housing that will grow with their family or personal life. What that means if Millennials would rather invest in suburb area over an urban area. If that holds true Fairfax & Loudoun county both are a very popular suburb of DC metro area where we have a balance of personal life, entertainment, school district and commuter options. Instead of buying an expensive condo in Arlington or near Tyson’s Corner area of Vienna.

If you are a millennial please feel free to share your thoughts and scenarios.

By | 2017-09-19T14:16:56+00:00 September 19th, 2017|Tips for Buyers, Virginia Real Esate Blog|0 Comments