Do You Believe Homeownership Is Out of Reach? Maybe It Doesn’t Have To Be.

<article class="post-518948 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-518948"><span class="entry-date">November 3, 2022</span><div class="entry-header center-block text-center"><h1 class="entry-title">Do You Believe Homeownership Is Out of Reach? Maybe It Doesn’t Have To Be.</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=Do+You+Believe+Homeownership+Is+Out+of+Reach%3F+Maybe+It+Doesn%E2%80%99t+Have+To+Be.&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fdo-you-believe-homeownership-is-out-of-reach-maybe-it-doesnt-have-to-be%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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<p><img alt="Do You Believe Homeownership Is Out of Reach? Maybe It Doesn’t Have To Be. | Simplifying The Market" class="webfeedsFeaturedVisual wp-post-image" decoding="async" link_thumbnail="" loading="lazy" sizes="auto, (max-width: 549px) 100vw, 549px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2022/11/01101929/do-you-believe-homeownership-is-out-of-reach-maybe-it-doesnt-have-to-be-KCM-549×300.jpg" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2022/11/01101929/do-you-believe-homeownership-is-out-of-reach-maybe-it-doesnt-have-to-be-KCM-549×300.jpg 549w, https://files.simplifyingthemarket.com/wp-content/uploads/2022/11/01101929/do-you-believe-homeownership-is-out-of-reach-maybe-it-doesnt-have-to-be-KCM.jpg 750w" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" width="358"/></p>
<p>It turns out, <a href="https://www.simplifyingthemarket.com/2022/10/27/millennials-are-still-a-driving-force-of-todays-buyer-demand/?a=712984-fa409495d5d70154d03a25e81e9540e2">millennials</a> aren’t the <a href="https://www.simplifyingthemarket.com/2022/09/30/why-buying-a-home-may-make-more-sense-than-renting-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2">renter</a> generation after all. The <a href="https://pages.mynd.co/rs/081-GIK-768/images/Mynd_Consumer_Insights_Report_2022.pdf"><em>2022 Consumer Insights Report</em></a> from <em>Mynd</em> says there’s a portion of millennial and Gen Z buyers who are pursuing homeownership as a way to build their wealth, but it may not be exactly the way previous generations have done it. The study explains how they’re <a href="https://www.simplifyingthemarket.com/2022/09/28/why-you-should-consider-condos-as-part-of-your-home-search/?a=712984-fa409495d5d70154d03a25e81e9540e2">breaking into</a> the market:<span id="more-47388"></span></p>
<blockquote>
<p><em>“. . . younger generations of Americans are not buying into that dream in the same way that older generations have. <strong>A growing number of Americans are choosing to make their first real estate purchase as an investment property.” </strong></em></p>
</blockquote>
<p>Instead of buying a home and moving into it themselves, some young buyers are purchasing a home so they can use it as a rental. This tactic may be gaining popularity, at least in part, because of the affordability challenges brought about by today’s higher <a href="https://www.simplifyingthemarket.com/2022/10/04/the-cost-of-waiting-for-mortgage-rates-to-go-down/?a=712984-fa409495d5d70154d03a25e81e9540e2">mortgage rates</a>. The report above mentions how many people in this group are considering this approach. It <a href="https://pages.mynd.co/rs/081-GIK-768/images/Mynd_Consumer_Insights_Report_2022.pdf">says</a>:</p>
<blockquote>
<p><em>“Almost half of Millennials and Gen Z (43%) are considering buying an investment property compared to only 9% of Baby Boomers and 27% of Gen X.”</em></p>
</blockquote>
<h4><strong>Why Younger Buyers Are Buying a Home To Use as a Rental</strong></h4>
<p>This strategy allows buyers to continue living in their current location, like the bustle of a city apartment or a neighborhood that they know and love, where they couldn’t afford to buy. But instead of giving up on the idea of owning a home, they buy a home in a more affordable area with the intention of renting it out.</p>
<p><strong>In a way, they’re getting the best of both worlds. They live where they want, and they still own a home where they can afford it.</strong></p>
<p>Their goal is to generate passive income and diversify their assets. It works like this: in addition to having a rental stream of income, the <a href="https://www.simplifyingthemarket.com/2022/10/05/the-long-term-benefit-of-homeownership/?a=712984-fa409495d5d70154d03a25e81e9540e2">equity they build</a> in their house will also help grow their <a href="https://www.simplifyingthemarket.com/2022/09/06/how-owning-a-home-builds-your-net-worth/?a=712984-fa409495d5d70154d03a25e81e9540e2">net worth</a> over time.</p>
<h3><strong>Bottom Line</strong></h3>
<p>If you’re thinking about buying a home as an investment strategy to build your wealth, let’s connect to explore your options and nearby areas that may have homes that fit what you’re looking for.</p>
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