Millennials are Buying Investment Properties Before they are Buying . . .

Millennials are buying investment properties before they are buying  . . .

As it turns out, millennials aren't the generation that rents apartments. According to Mynd's 2022 Consumer Insights Report, some millennial and Gen Z homebuyers are pursuing homeownership as a strategy to increase their wealth, however, this may not be exactly how earlier generations did it. According to the survey, they are entering the market as follows:

Younger generations of Americans do not have the same level of belief as previous generations did. More and more Americans are deciding to buy their first piece of real estate as an investment.

Rather than purchasing a home and moving into it themselves, millennial homebuyers are buying a home as a rental. This strategy might be acquiring notoriety, to some degree, as a result of the reasonableness challenges achieved by the present higher home loan rates. The report above makes reference to the number of individuals in this gathering that are thinking about this methodology. It says:

“Almost half of Millennials and Gen Z (43%) are considering buying an investment property compared to only 9% of Baby Boomers and 27% of Gen X.”

Buying a rental property permits millennial homebuyers to keep residing in their apartment in the city that is packed with amenities, similar to the clamor of a city loft or a location that they know and love, where they couldn't stand to purchase. In any case, rather than abandoning owning a home, millennials are buying homes and then leasing them out.

As it were, they're outdoing the two universes. They live where they need, and they own a home in an area that is more desirable to buy and manageable with their monthly expenses.

They want to create recurring, automated revenue, passive income, and financial wealth.  It works like this: as well as having a stream of monthly income they also are building their net worth from the equity of their rental property. 

Bottom Line:

Many millennials are buying investment properties before they are buying a primary home to live in. If you're thinking of buying an investment property to build your net worth, let's connect to review an investment strategy that fits your goals. We can help you find investment homes that will fit your strategy.

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