Millennials Are Buying Homes Later, But Still Want A Place Of Their Own
Carlton J. Brown III is about to sign off on one of the biggest decisions of his life.
The 29-year-old is buying a three-bedroom house with a yard and a two-car garage in McKees Rocks, a borough northwest of Pittsburgh. Brown, a lab technician at an oil blending plant, has been renting with friends for the past two years.
But, “I’m getting close to 30 and I felt it was time I needed to make an actual commitment to something,” he said.
Mortgage payments on the $50,000 house will be just $150 a month more than his current $325 share of the rent.
“I was pretty nervous at first,” Brown said. “I only got this because, at the price, I was able to afford it by myself, but I’ll probably try to get a roommate so I can make it more affordable”.
Compared to his parents’ or grandparents’ generation, Brown is late to homeownership. But among his peers, he’s an early starter.
The Millennial generation — those currently aged 18 to 34 — is more than a fifth of the population in Pennsylvania, but accounts for little more than 9 percent of all homeowners. In 2013, of about 850,000 households in the state headed by Millennials, 39 percent of them owned their homes instead of renting.