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2021 Key Housing Trends

Let’s talk about millennials! Did you know that the largest generation in history, millennials, will continue to shape the housing market? In fact, at TowneBank Mortgage our customer trends show 43% of millennials purchased a home in 2020.

More on Housing Trends

The oldest millennials will turn 40 in 2021. Trends show that they will be trade-up buyers with many owning their first homes long enough to see substantial equity gains.

The younger end of the millennial generation will turn 25 this year and are aging into key years for first-time homebuying.

Many millennials opted to putting down smaller down payments and taking larger debts to take advantage of the low rates.

Gen Z buyers who are 24 and younger will continue their early foray into the housing market.

Rent vs. Buying Trends

The affordability factor is key for many borrowers that are making the decision to buy versus rent. Many borrowers are finding out that their mortgage payment is a lot lower than expected based upon the current rates. Homeownership rates in the U. S. are now at 65.8% which is at a high because of the demand for housing.

Help these buyers by sharing our TowneBank Mortgage app to help get pre-approved from their phone.

Experience the Award-Winning Towne Difference

Towne Insurance has recently received an outstanding national recognition for excellence in Personal Lines performance. Insurance Journal, one of the top national property & casualty industry publications, has named Towne Insurance #24 in their rankings of the Top 50 Personal Lines Leaders in the nation by overall revenue size. Our nationally-recognized, industry-leading team of local agents is here for you and your members – give us a call or email and we’ll be glad to assist you today!

March 2, 2021

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