Fall is in the air in beautiful Big Bear! The air is crisp, the leaves are turning those stunning fall colors, it's getting dark a little earlier and pumpkin spice is all around! I love this time of year and am so thankful for living in such a gorgeous four season resort community! The Big Bear real estate market is showing signs of softening. Prices are dropping and interest rates are steady for now so it's a great time to start looking for your cabin in the mountains! Let's get started on your home search so you can cozy up to your crackling fireplace with your warm cocoa and watch it snow this winter. There are plenty of homes in Big Bear to choose from. I will help you find the perfect place... your sweet little Big Bear get-away! Contact me with your questions. 909-261-2486.
There are many things that factor into the decision to buy a home. New research from the Urban Institute suggests that one of those things may be inherited from your parents.
Children are More Likely to Own a Home if Their Parents Did
According to an analysis of millennial homeowners, the homeownership rate of those whose parents rent their homes is 14.4%, while the rate amongst millennials whose parents are homeowners is 31.7%!
“A young adult’s odds of homeownership are highly correlated with their parent’s homeownership.
Without controlling for such factors as age, income, education, marital status, and race or ethnicity, there is a 17 percentage-point gap between the homeownership rate for young adults whose parents are renters and young adults whose parents are homeowners.”
The study also revealed that as a parent’s net worth increases, so does the likelihood that their child will own a home. These two findings are not surprising as we know from the Survey of Consumer Finances that a homeowner’s net worth is 44x greater than that of a renter.
So, a parent who is a homeowner will have more wealth which will, in turn, increase the chances that their children will own their own homes in the future.