In 2018, in the Milwaukee metro first-time home purchasers estimated for approximately two of every five home sales, with the bulk of those purchasers classified as Millennials.
In 2017, over the national average of 34%, in greater Milwaukee, 41% of all purchasers were first-time home purchasers. And of that pool of first-time purchasers in the Milwaukee area, 58% were Millennials.
Consequently, as per a recent study conducted by Realtor.com, more than 50% of new loans generated in Milwaukee are by Millennials, which ranked the top 5 markets where Millennials at the present generate more than 50 % of the loans. The ranking as well incorporated urban communities where Millennials' share of loans grew by more than 4% in 2018 contrasted with 2017.
In the Milwaukee metro at the end of 2018 Millennials owned 51% of loans generated that year, a 4.8 boost from 2017, when that generation owned 46% of new mortgages.
On the whole, toward the finish of 2018, Millennials took on 45% of all new loans, contrasted with 17% for baby boomers and 36% for Generation X. As per the study conducted, Millennials still made lower down payments and bought affordable houses than the comparable generations.
Milwaukee positions in the top 5 in Millennials purchasing houses for the reason that houses in Milwaukee are less expensive. As said by the Wisconsin Realtors Association, in southeast Wisconsin Median housing rates rose to $181,896 to commence 2019. And as per Realtor.com, the median cost of a mortgaged house bought by Millennials was $238,000 toward the finish of 2018.
In the study, Buffalo and Pittsburgh positioned number one and number two, respectively.
A $3.75 million Capital Magnet Fund awarded by the U.S. Department of the Treasury's Community Development Financial Institutions Fund to the Wisconsin Housing and Economic Development Authority/WHEDA, in other housing news. For reasonably priced housing, Wisconsin Housing and Economic Development Authority will make use of at least 70% of the funding. The association, which has offices situated in Madison and Milwaukee, plans to utilize the financing to support house ownership and multifamily housing, for instance down payment help and gap lending.