Welcome to the AllIdahoFallsRealEstate.com Blog

2018-09-05 15:20:42
Homeownership is a Dominant Gene

There are many things that factor into the decision to buy a home. New research from the Urban Institute suggests that one of those things may be inherited from your parents.

Children are More Likely to Own a Home if Their Parents Did

According to an analysis of millennial homeowners, the homeownership rate of those whose parents rent their homes is 14.4%, while the rate amongst millennials whose parents are homeowners is 31.7%!

“A young adult’s odds of homeownership are highly correlated with their parent’s homeownership.

Without controlling for such factors as age, income, education, marital status, and race or ethnicity, there is a 17 percentage-point gap between the homeownership rate for young adults whose parents are renters and young adults whose parents are homeowners.”

The study also revealed that as a parent’s net worth increases, so does the likelihood that their child will own a home. These two findings are not surprising as we know from the Survey of Consumer Finances that a homeowner’s net worth is 44x greater than that of a renter.

So, a parent who is a homeowner will have more wealth which will, in turn, increase the chances that their children will own their own homes in the future.

Below is a breakdown of the relationship between a parent’s wealth and a millennial’s likelihood to own a home.

Homeownership is a Dominant Gene | MyKCM

The Good News: The high homeownership rate amongst baby boomers (likely the parents of many millennials) is a great sign that millennials will want to own homes. We are already seeing this in the high-demand environment that we are currently experiencing in the starter and trade-up markets.

Bottom Line

Even though millennials took longer than many of the generations before them to start home searches of their own, the data shows that they will not be waiting much longer!

 
Blog Archive
2019-02-21 11:58:34
How To List Your Home for the Best Price

2019-02-19 14:53:39
Greater Idaho Falls Association of Realtors MARCH BLOOD DRIVE

2019-02-18 13:26:32
Millionaire To Millennials: Don’t Get Stuck Renting A Home… Buy One!

2019-02-15 10:18:25
Why Homeownership Matters Now More Than Ever

2019-02-14 11:16:28
Pre- Foreclosures on Zillow

2019-02-12 11:59:42
Thinking of Selling Your House in Idaho Falls? This is a Perfect Time!

2019-02-08 09:24:20
The Cindy Bates Group is Here for You!

2019-02-07 14:59:23
Why you Shouldn't FSBO

2019-02-06 11:38:31
Why It Makes No Sense to Wait for Spring to Sell

2019-02-05 10:54:50
Whose Mortgage Do You Want to Pay? Yours or Your Landlord’s?

2019-02-01 10:27:08
5 Reasons Idaho Falls Homeowners Throw the Best Super Bowl Parties!

2019-02-01 09:33:07
Idaho Falls, Do You Know How Much Your Home Has Increased in Value?

2019-01-30 10:53:44
Is Student Loan Debt A Threat to Homeownership? No!

2019-01-29 09:18:14
Tuesday Tid Bit! It's not too late! Jan 31, Feb 1

2019-01-28 16:19:37
Think You Should For Sale By Owner? Think Again!

2019-01-24 09:24:16
3 Things You Need in a Shifting Real Estate Market

2019-01-23 10:45:23
Do You Prefer the Charm of an Existing Home?

2019-01-22 09:47:32
Buying a Home Young is the Key to Building Wealth

2019-01-21 20:21:40
The Difference Having a Professional on Your Side Makes

2019-01-18 09:24:53
What is the Cost of Waiting Until Next Year to Buy?

2019-01-17 11:31:14
Where is the Housing Market Headed in 2019?

2019-01-16 15:21:10
Is the Recent Dip in Interest Rates Here to Stay?

2019-01-15 15:04:55
Tax Time is Upon Us

2019-01-14 22:31:46
Buying a House This Year? This Should Be Your 1st Step!

2019-01-11 12:36:18
Homeownership Remains a Huge Part of the American Dream

Click here to see ALL articles.


Comment on this Article

Your Name:
Your Email:
Comments:
Verify:  Please enter the numbers shown to help eliminate spam.