Spokane millennials buying houses
SPOKANE, Wash. — For years, it seemed the millennial generation was content paying rent and living in urban areas. But earlier this year, reports showed more and more professionals in their 20s and 30s are putting down roots in neighborhoods.
“I’d like to remove all of this. Maybe put in some flowers,” explained Megan Tollefson, as she gestured toward her new front yard.
Tollefson has some big plans for her Central Spokane property. The 23-year-old gets the keys to her first home Thursday.
“I’m excited,” said the recent EWU grad. “I’m excited to make it my own, paint it how I want it. Put my decorations and stuff like that in.”
If you think Megan is unusually young to buy a house – you’re half right. Megan is young, but more and more people her age are committing to real estate.
According to the US Census Bureau, 36 percent of every American under the age of 35 owns their own home; a dramatic increase from just last year, when the percentage was 34.7 percent for the same age group.
With that information – the Spokane market makes a little more sense. In the first quarter of 2018, nearly 1,500 homes were sold. The same three month stretch in 2017 saw just over 1,200 sold- all while the median sales price continues to climb.
“I think a lot of people, especially because of social media, a lot of people are starting to realize how important investing in real estate is,” explained Alyssa Curnutt. “That’s why I think you’re the trend at a younger age.”
Alyssa should know – she’s a 27-year-old real estate agent, and a homeowner herself.
“I’m definitely kind of the younger generation, but that’s why I can relate a lot to first time buyers. I’ve been in their shoes. I know how stressful it can be, but it’s a good thing.”
Not only is Megan a 23-year-old homeowner, but in a matter of weeks she’ll become a landlord once her friends move in. She may not realize it – but the new homeowner is setting quite a positive example for her tenants.
“They think that it’s just outlandish for them, however when i start talking numbers to them and how much my down payment was, it seems like a viable option for them as well.”
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