More Young Adults Become Homeowners

By: Bradenton Herald: REALTOR® Magazine Online
The U.S. Census Bureau reports that in the past 10 years, the rate of homeownership among buyers under the age of 25 has risen more than any other age group, jumping to 25.2 percent in 2004 from 14.9 percent in 1994.

Experts say older teens and buyers in their early 20s increasingly are choosing to purchase homes rather than rent for a variety of reasons, including record-low mortgage rates; high expectations for property appreciation; the removal of traditional downpayment requirements; the increasing openness of lenders toward young, minority borrowers; and the availability of homeowner training and counseling from non-profit groups and public housing agencies.