Zillow has predicted that 2015 will be the year that many in the millennial generation finally buy their first home. Zillow’s predictions go so far as to say that millennials will over take Generation X as the largest group of home buyers in 2015. Read on to find out more about what exactly this prediction could meet for the Knoxville real estate market.
One of the main reasons Zillow is predicting that 2015 will be a huge year for first time home buyers is due to the face that rents are on the rise. This will most likely cause many first time home buyers to take the plunge into homeownership. In the Knoxville real estate market, first time home buyers can take advantage of Knoxville’s still low home prices. Knoxville is lucky enough to enjoy a very low cost of living. In 2014, Knoxville was ranked #5 on Forbes’ list of most affordable cities.
In addition, Zillow predicts there will be more homes built in more affordable price ranges, making new homes even more affordable to first time home buyers. Knoxville is lucky to have a wide range of new homes in a variety of different areas and housing options.
While it is hard to say whether or not Zillow’s predictions for 2015 will come true, it does seem like 2015 has the potential to be a big year for millennials to buy their first home. With the average rent rising and mortgage rates predicted to rise, many Knoxville first time home buyers maybe inspired to buy in 2015.