More millennials are choosing to buy homes in Salisbury
The chances the new home owner in your neighborhood is someone in their mid to late 20’s have jumped in the past year. Local realtors say millennials in Salisbury and Wicomico County are making a decision that makes more sense now than it did for the same generation in previous years.
“I mean you have abnormally low rates, and you have housing affordability, and a high inflated rental market, you combine all those factors, I mean it financially makes really good sense to buy a house.” said Salisbury realtor Brandon Brittingham.
According to www.Zillow com, rent for a three bedroom one bathroom house in Salisbury would be around $1,150 per month. Meanwhile, a similar house in Salisbury listed on Zillow would only cost you $486 per month in mortgage.
Realtors we spoke to also said there are a variety of programs at both the national and state level that make it easier to become a home owner.
Realtor Zach Bankert said his clients have used a U.S. Department of Agriculture program that helps with mortgages in rural areas like Salisbury.
“They’ve used USDA financing, which is zero percent down, they got the Maryland mortgage program, $5000 interest free loan to help towards closing costs, and with a little bit of seller contribution, you know, they’ve gotten into a house for basically nothing,” Bankert said.
Brittingham said the culture in Salisbury has radically changed over the past two years, making it a more attractive place for young home owners.
He add that less than two years ago millennials made up less than five percent of his clients, now it’s between 15 and 20 percent.
Brittingham said it’s good for everyone.
“When you have a high percentage of home ownership in any community, that really helps economic stability, and that creates demand for people wanting in a certain area,” Brittingham said.
Realtors say the trend isn’t expected to stop anytime soon.