What are millennial homebuying trends like in St. Louis?
Millennials are accused of a lot of things, not the least of which being that they don’t want to/can’t buy homes. Is this truly the case? And is it the case in St. Louis?
According to Barry Upchurch, the 2017 President of St. Louis REALTORS, that couldn’t be further from the truth in St. Louis. Homebuyers in the millennial generation make up 40 percent of those who own homes in the St. Louis region, he said.
“Millennials, 18-35, are the largest numbers in terms of population after the baby boomers, and they took a little bit more time to buy homes, but they are starting to come on line in a big way,” Upchurch said. “… A lot of people don’t realize that millennials have bought and are getting ready to upgrade, looking for a bigger house.”
However, some 24 percent of millennial homebuyers do so with help from relatives and Upchurch said that many millennials waited until their early 30s to buy homes.
Upchurch said the market right now is tough for first-time homebuyers or buyers looking to purchase on the lower-priced spectrum. Right now, the average months of inventory on the market is 3.7 months. A neutral market is 6-6.5 months.
“We’re really a seller’s market right now, which is stressful in the $200,000 or below market,” Upchurch said.
For those looking to get into the home buying game, Upchurch said that you should make sure you’re ready to make a five-year commitment to a home. He recommends matching up with a realtor and to interview at least three real estate agents of different kinds to see what fits your need. He said a realtor can also match you with a lender to determine the types of home loans available.
Listen to the rest of the discussion on how to get into home buying:
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