{"id":6220,"date":"2016-06-03T06:00:19","date_gmt":"2016-06-03T10:00:19","guid":{"rendered":"http:\/\/www.zoocasa.com\/blog\/?p=6220"},"modified":"2022-01-12T15:25:25","modified_gmt":"2022-01-12T20:25:25","slug":"why-homeownership-should-be-a-priority-for-millennials","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/why-homeownership-should-be-a-priority-for-millennials\/","title":{"rendered":"Why Homeownership Should Be a Priority for Millennials"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-6221\" src=\"http:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2016\/05\/photo-1446144525544-808f420174ec.jpg\" alt=\"small-house-horizon-sunset\" width=\"750\" height=\"638\" data-id=\"6221\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2016\/05\/photo-1446144525544-808f420174ec.jpg 600w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2016\/05\/photo-1446144525544-808f420174ec-300x255.jpg 300w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/p>\n<p>Millennials may be known as the \u201crent generation,\u201d but many would like to get into the real estate market\u2014just on their terms.<\/p>\n<p>According to a recent BMO poll, 89% of millennials agree there\u2019s value in owning a home, but they\u2019re not in any hurry to buy. 70% would rather wait until they can get the home they really want. In fact, only a quarter (26%) of millennials said they are very likely to buy a home in the next year.<\/p>\n<p>60% of millennials say they\u2019re tired of renting, so what\u2019s keeping them from taking the homeownership plunge? Two-thirds (66%) of millennials say they have other financial priorities more important than real estate:<\/p>\n<ul>\n<li>42% would like to travel, go back to school or start a business<\/li>\n<li>38% are worried about being \u201chouse rich, cash poor\u201d with little disposable income<\/li>\n<li>31% say paying down debt is a higher priority<\/li>\n<\/ul>\n<p>Home prices may be rising in big cities like Toronto and Vancouver, but that\u2019s not pushing millennials into the real estate market. Three-quarters (73%) of millennials don\u2019t feel pressured to buy a home any sooner.<\/p>\n<p><strong>The danger of sitting on the sidelines<\/strong><\/p>\n<p>Homeownership is likely the single largest financial transaction in your lifetime. While you shouldn\u2019t rush into the real estate market until you\u2019re financially ready, you face another risk by waiting: you could find yourself priced out of the market.<\/p>\n<p><a href=\"http:\/\/www.cbc.ca\/news\/business\/house-prices-canada-broadbent-1.3567723\">Real estate prices are rising a lot faster than wages.<\/a> In 1970, it took the average Canadian 200 weeks of work to save for a home. Fast forward to today and it takes double that. In fact, in the last 12 months alone, <a href=\"https:\/\/www.thestar.com\/business\/2016\/05\/04\/average-price-of-a-gta-home-up-more-than-100000-in-a-year.html\">the average price of a home in the GTA grew more than $100,000<\/a>.<\/p>\n<p>Although homes aren\u2019t likely to keep rising at this rate forever, if you wait too long you might no longer be able to afford a home in the GTA. Therefore, that\u2019s all the more reason to buy a property in Toronto and start building up equity. With pre-construction condos, you can get in at today\u2019s real estate prices and benefit from the appreciation in the coming years.<\/p>\n<p><strong>Why real estate is still a good investment<\/strong><\/p>\n<p>There seems to be this notion that buying a home in big cities makes no sense and that you\u2019d be better off renting. While it may be better to rent in certain situations, many times you\u2019re better off buying. Here are three solid, unchanging reasons to invest in real estate:<\/p>\n<ul>\n<li>A home forces us to save and build equity. When you\u2019re renting, you\u2019re paying the landlord\u2019s mortgage.<\/li>\n<li>When you buy a home, you\u2019re borrowing good debt. You\u2019re investing in an asset that is likely to go up in value in the coming years, and will definitely increase in value over a long period of time.<\/li>\n<li>A home isn\u2019t just a place to live; it\u2019s a good way to earn extra income. By buying a home with an income suite, your tenants can help pay off your mortgage sooner.<\/li>\n<\/ul>\n<p>If you hope to own a home, there\u2019s no time like the present to start saving. Keep in mind that you need at least 5% as a down payment for any home purchase, so putting even a small amount away each month beginning today is best. Set up a dedicated savings account and start saving towards your first home (and possibly your dream home!) today.<\/p>\n<p>Unsplash: Inspiration de<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Millennials may be known as the \u201crent generation,\u201d but many would like to get into the real estate market\u2014just on their terms. According to a recent BMO poll, 89% of millennials agree there\u2019s value in owning a home, but they\u2019re not in any hurry to buy. 70% would rather wait until they can get the [&hellip;]<\/p>\n","protected":false},"author":31,"featured_media":6221,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override":[{"single_blog_custom":"","sidebar":"","second_sidebar":"","share_position":"","share_float_style":"","post_date_format":"","post_date_format_custom":"","post_reading_time_wpm":"","zoom_button_out_step":"1","zoom_button_in_step":"1","number_popup_post":"1"}],"image_override":[{"single_post_thumbnail_size":"","single_post_gallery_size":""}],"trending_post_position":"","trending_post_label":"","sponsored_post_label":"","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo":"","sponsored_post_desc":""},"jnews_primary_category":{"id":""},"footnotes":""},"categories":[3],"tags":[830,614,828,829],"class_list":["post-6220","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ask-the-pros","tag-equity","tag-first-home","tag-first-house","tag-new-homebuyers"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why Homeownership Should Be a Priority for Millennials | Zoocasa Blog<\/title>\n<meta name=\"description\" content=\"Millennials may be known as the \u201crent generation,\u201d but many would like to get into the real estate market\u2014just on their terms. According to a recent BMO\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/why-homeownership-should-be-a-priority-for-millennials\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why Homeownership Should Be a Priority for Millennials | Zoocasa Blog\" \/>\n<meta property=\"og:description\" content=\"Millennials may be known as the \u201crent generation,\u201d but many would like to get into the real estate market\u2014just on their terms. 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