We don’t know when it began, but the American Dream seems to have earned itself a bad name, or at least the accusation of being irrelevant. We all have heard the American Dream is dead –here, here, and here – in too many headlines to list; a report just released last week declared 75% of Americans are losing faith in the Dream, and that just 1 in 5 say they are living it.
Many industries have been betting heavily on Millennials as their movers and shakers. Want box-office successes? Make a blockbuster Millennials would want to watch. Marketing electronics, cars, sodas, or vacation experiences? Make sure they appeal to Millennials, the largest generation in U.S. history and the lead consumers and influencers for seemingly all things. But how about housing? Nope – at least not yet.
We have all read the headlines: Millennials feel pessimistic about their future; Millennials are the gloomy generation. But according to the latest quarterly Modern Homebuyer Survey by ValueInsured, Millennials reported to be rather upbeat, at least when it comes to their outlook on the American housing market and their prospects of achieving the American Dream.
Millennials do not want to live in the same white picket-fence house for 40 years – it’s fair to say this is something that has been safely established. But a few recent reports and the latest ValueInsured Modern Homebuyer Survey provided new insights that shed more lights on this next-generation cohorts, their priorities, and how that may affect their plans to become homeowners.
Homes prices are rising in many parts of the country, competition is fierce, and Spring 2017 has been called the "strongest seller's market ever". We know this because, well, we have not exactly been living under a rock. But do we know how Millennial first-time homebuyers are coping with the red-hot market?
It seem the world has been waiting for Millennials to grow up. To be old enough to drive (and to spend $ billions on buying cars), to get jobs, to buy homes. This year, the oldest Millennials turned 36-years-old, and more than 6 in 10 Millennials have turned 26, putting them squarely in prime home-buying years.
First-time and experienced homebuyers alike are eligible to participate in the Mortgage +Plus program, offered by First Heritage Mortgage, which protects down payment funds in a homebuyer’s first three-to-seven years of their mortgage.
As seen in Mortgage Professional America
By Anna Sobrevinas
Home purchases in the Mid-Atlantic markets of Maryland, Virginia and North Carolina are seeing a boost, thanks to First Heritage Mortgage’s Mortgage +Plus, according to a news release. Mortgage +Plus, a down payment protection program, covers all FHA loan borrowers and is provided by First Heritage at no additional cost.
After an initial launch in January, First Heritage Mortgage’s new Mortgage +Plus℠ program is seeing significant growth heading into the Spring buying season. As the only mortgage company to offer loans with down payment protection in the Maryland, Virginia and North Carolina markets, First Heritage Mortgage remains focused on delivering positive, pro-homebuyer down payment protection solutions within its fast-paced mortgage service area.
Gen-Xers may not be as sensational – or visible – a generation compared to Millennials. They are certainly not as large in size. But consider this: Gen-Xer have disproportionate purchasing power, having earned 31% of total U.S. income last year at just 25% of its population. Gen-Xers are also the glue of the sandwich generation, most likely to be the key household decision-maker and fiscal influencer in a multi-generational household.