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Millenials impacting the housing market

FAIRVIEW TWP., LUZERNE COUNTY (WBRE/WYOU) - In a few short months, this house in Mountain Top will be the dream home Lindsay Metzger and Steven Hippeli have always wanted. After a few years of renting after college, the couple decided to make the big investment in their hometown.

 

"Our rent was the same as what our mortgage would be. So, we thought why not put it towards a house we will live in for many years," said Metzger.

 

The first-time homeowners are among a growing number of millenials who are buying homes more than any other generation. That's according to the National Association of Realtors. In its latest report, millenials bought more than a third of homes on the market last year.

 

"They are educated, they are getting more jobs and they are wanting to invest right away," said Darcy Usavage, a realtor with Classic Properties.

 

Usavage says rising rent costs and decreasing unemployment rates are driving more home-buying among millenials -  both nationally and here in Pennsylvania.

 

"In all the years I've been in real estate, I've never seen a lower inventory than we've had," said Usavage.

 

Millennials have also drastically changed they way realtors do business.

           

"We've changed the way we do marketing. A lot of homes are being sold just through Facebook," said Usavage.

 

While local leaders have reported more millennials are leaving this area for opportunities outside the region, this couple returned from Pittsburgh to be closer to family - and one day start their own. Buying a home could be an overwhelming task for anyone - especially millenials recovering from rising student debt. But the young couple was prepared to make that next step.

 

"There are a lot of different programs out there offered by the banks for different financial situations as far down payments go," Hippeli said. I think it's important to figure out where you want to be and save a little bit before you make that next commitment."


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