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Housing Market Changes

Personal Changes
“Home, sweet home” is a popular phrase that shows how people feel about having a house. Many people like knowing that they own a house. Owning a house gives people a sense of accomplishment because the process of owning a house is hard work. Owning a house is a reminder of how hard work pays off. Generally, most people want to own a house sometime in their lifetime. The change in population and the demand for houses have caused changes in the housing market. Many factors influence change in the housing market, but what is important are the changes. The changes in the housing market can be seen through the prices of houses and the location in which the houses are bought.

Age of Buyers
When we think of homeowners, we may picture middle aged people with shades of gray hair and long-time successful job. When was the last time you daydreamed of moving out of the house to live in your own home you’ve personally financed yourself because you were sick and tired of living under your parents’ rule? I always pictured myself out of the house as soon as I’d graduate from college, but never fathomed it would be possible since there are so many barriers one may experience. Now in this day and age, that might not be the situation since more and younger people are buying homes. As ironic as this may seem because the prices for houses have increased in value by nearly 50% within the past decade, this isn’t stopping the people even as young as 25 from entering into the housing market. It has even been stated that, “Four in ten buyers are purchasing for the first time, and the median age of these first-time homeowners is 32.” (Anderson, 2006, p.90)

So what have critics been saying about this sudden change-of-age phenomenon? Let’s discuss further about some of the financial reasons that make buying houses easier for the young. One of the reasons that younger crowds are able to do this is because of zero down payment loans. Because of this,...