Millennials Are Increasing the Demand for Condos in Charlotte

When shopping for homes, there are a multitude of options out there for homebuyers. Depending upon your needs, budget, and in many cases, the desired maintenance level, your choices are narrowed. For many millennials, their choice is really to buy a condominium.

According to CoreLogic, about 43% of all condo home-purchase mortgage applications were submitted by first-time homebuyers in 2018. As well, the data show condos were more popular with young homebuyers and empty nesters.

Millennials are buying condos instead of a single-family house because prices are still somewhat affordable in the condo market, compared to single family housing. Hence, the demand for condos has been increasing.

*Data, Photo above and graphic provided by KCM (Keeping Current Matters)

Despite the data, I still do caution my millennial buyers that single family homes may be a little higher in price than condos but, condo homeowners’ associations (HOA) are more likely to have high monthly fees. Be sure that you factor in the HOA dues when speaking with a lender for pre-approval.

If you are a millennial considering buying a home, understand that there are many options available. A condo may wind up becoming your first home but, let’s discuss the options together. Let’s evaluate your options and review which type of home best fits your needs. Call or text (704) 491-3310 and let’s get started!