As the younger age groups grow up and become independent, many of them are looking to establish families and build equity through homeownership. As I’ve often said, if you’re renting, you’re paying someone else’s mortgage. Homeownership is a great long-term investment and a way to build wealth over time.
That said, who are the young age groups buying homes in Virginia? The Virginia Association of REALTORS® recently published a blog post with the stats and figures on this demographic. Here are some interesting points:
34% of Virginians under age 35 are homeowners, and 11% bought a home within the past 2 years
68% of recent young homebuyers bought a single-family detached home and 21% bought a townhome or duplex
The average household income of a recent young buyer is $85,000
For more information from the VAR, click here. And if you’re looking to purchase a home or land in the Virginia Piedmont (Fauquier County, Culpeper County, Madison Country, Orange County and Rappahannock County) contact us today.
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