In our last post on 2014 Predictions I described how the move up buyer will be the driving force behind our Glendale Market.
However, there is another, equally large force, that will have a huge impact on our market, the Millennials.
Millennials will start forming households- the Urban Land Institute estimate an average of 1.5 Million new households will form every year for the next 3 years. Now, the general assumption is that these young people should rent, first. However, renting is not an easy to do either.
The cost of renting is quite high and I think the “buy or rent” question deserves careful thought and consideration. For some it is a physical impossibility. For others, there is a clear question of whether or not the will stay in the area. But for everyone else, consider this:
The Federal Reserve estimates homeowners have a net worth 30 times larger than renters. Does this mean that renters are somehow “less than” people who rent? Of course not! However, if creating a solid nest egg is part of your life’s plan, homeownership has a proven track record.
Now that I’ve told you how the sheer numbers of buyers will move our market to greatness, let’s talk about the market…