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DD Web • April 3, 2018
Purchasing Power: Who are Your Future Utah Home Buyers?
Homeownership is a symbol of the American Dream—whether it’s with a white picket fence or a white mid-century modern kitchen. But the shortage in housing inventory across the country is creating affordability constraints making it difficult for new home buyers to gain a foothold in the market, according to the Aspiring Home Buyers Profile recently released by the National Association of REALTORS.
The desire for future Utah home buyers to purchase, however, is not diminishing. They are waiting (and willing) to pay higher rent prices or live with a friend or family member until they see a hike in new and existing housing inventory. In other words, they’re not going anywhere. And good news: inventory increases are expected to be felt (especially in higher priced segments) after spring home buying season, providing some relief for Utah home buyers and driving sales growth in 2019.
According to the Home Buyers Profile, aspiring homeowners identified their main motivators for purchase as children, marriage and/or retirement (32%), improved finances (26-30%) or a raise in rent (15%). In a high-demand, low-supply market, affordability is the obstacle. Homebuyers are hopeful, however. Demand continues to increase, and the majority of aspiring homeowners (82%) do want to achieve their dream of homeownership.
Here are some key profile highlights:
- Of the U.S. consumer households that were surveyed each month in 2017, 63% of respondents were homeowners, 28% were renters, and 9% lived with someone else.
- Of the non-owners, 46% were 34 years or under, 57% make an income of under $50,000, and 41% live in suburban areas.
- For both homeowners and non-homeowners alike, homeownership is strongly considered a part of the American Dream. For non-owners, 8 out of 10 aspired to be homeowners in the future.
- For non-owners, 58% felt that now was a good time to buy (compared to 79% of owners) and that perception was roughly the same across age, income and city size.
- 51% of respondents expect their rent to increase, and millennials and males were more likely to consider buying a home if their rent increases.
- Housing demand in 2018 will largely be fueled by more millennials deciding to tie-the-knot and start families, along with solid job growth and a strengthening economy that will push incomes higher. Millennials could reach 43% of new home buyers by the end of 2018 (up from 40% in 2017).
The future for aspiring homeowners looks promising. With an uptick of homes on the market in the second half of the year and price appreciation slowing down, the stage for 2018 and beyond is being set to provide help for Utah home buyers! The investment will be worth the wait.
At Novation Title, we take immense pride in being recognized on the 2024 Top Latino-Owned Business List ! As a Latino-owned company, we are passionate about empowering our community through homeownership—one of the fastest ways for Latinos to build generational wealth in America. Why Hispanic Homeownership Matters Homeownership is more than just buying property; it's about creating stability, financial security, and opportunities for future generations. We believe in providing the resources and education needed to help our Latino community navigate the path to homeownership with confidence. Educating & Supporting Latino Homebuyers Our team uses key insights from the NAHREP (National Association of Hispanic Real Estate Professionals) reports to share real data on Latino homeownership growth and opportunities. We know that numbers don’t lie , and we want to ensure that every aspiring homeowner and entrepreneur has access to the right information. Advice for Latino Entrepreneurs For those looking to start a business in the title and real estate industry, our advice is simple: educate yourself and lean on data. By understanding the numbers and trends, you can position yourself for long-term success. Thank you to our community and partners for trusting Novation Title. Together, we continue to break barriers and build wealth through homeownership!
At Novation Title, we take immense pride in being recognized on the 2024 Top Latino-Owned Business List ! As a Latino-owned company, we are passionate about empowering our community through homeownership—one of the fastest ways for Latinos to build generational wealth in America. Why Hispanic Homeownership Matters Homeownership is more than just buying property; it's about creating stability, financial security, and opportunities for future generations. We believe in providing the resources and education needed to help our Latino community navigate the path to homeownership with confidence. Educating & Supporting Latino Homebuyers Our team uses key insights from the NAHREP (National Association of Hispanic Real Estate Professionals) reports to share real data on Latino homeownership growth and opportunities. We know that numbers don’t lie , and we want to ensure that every aspiring homeowner and entrepreneur has access to the right information. Advice for Latino Entrepreneurs For those looking to start a business in the title and real estate industry, our advice is simple: educate yourself and lean on data. By understanding the numbers and trends, you can position yourself for long-term success. Thank you to our community and partners for trusting Novation Title. Together, we continue to break barriers and build wealth through homeownership!
Welcome, 2020! We made it through the first week of the New Year and are already excited for what’s to come in this brand new decade. Anything can happen, and we have so much to create! Whether you’re a fan of long-term resolutions or prefer setting smaller, short-term goals, it feels good to start the year off with a desire to change for the better. If you know us, you know our approach at Novation Title has always been goal-centric, not only within our business but in our personal lives and out in the community. In today’s world where we are constantly connected (and distracted), it’s no wonder that we increasingly find ourselves overwhelmed mentally and physically drained. Often, the issues in everyday life are the ones that prevent us from enjoying the very same everyday life! How can we balance this out? We believe we can do better. That is why we are introducing meditation into our workspace. While meditation has been practiced for over 5,000 years, it is increasingly becoming a necessary way for us to unplug from the modern world. But what, exactly, is it? Meditation is a practice where an individual uses a technique — such as mindfulness — to train attention and thoughts. Mindfulness is awareness, it is a state of peace. It is being in the present moment, intentional and serene. It is the process of being aware of your thoughts while also disconnecting from them so you can connect within. Connecting within is the highest form of intelligence and results in proven mental, emotional and spiritual health benefits. Here are just a few science-based benefits of meditation: Reduces blood pressure Increases serotonin production that improves mood and behavior Improves immune system Increase in energy levels Lessens stress and anxiety Increases happiness and creativity Clarity and peace of mind Increased memory retention and recall Enhances self-awareness and self-acceptance Each one of us, regardless of gender, age or other factors, undergo daily stress and tension at some level or the other. That’s why we’re so excited to introduce #NovationMeditation into our business and we encourage others to join us this year. We can ALL benefit from improved mental and physical health in 2020. Who’s with us?!
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