Metro Detroit Property Managers Continue to Study Barriers to Home Buying for Millennials
Metro Detroit– Millennials choosing to rent rather than buy is hardly news, but a new study was released that not only finds the reasons why this generation is hesitant to buy, but breaks out the answers into categories that are specific to the regions they live in.
According to the survey results, millennials in Michigan and other MidWest states are split equally between two issues–one being fears about credit scores being too low, and the other being they just don’t know where to start the process.
“The greater debt they [Millennials] have, the lower the FICO score they think they have, but it’s not true,” said Ray Brousseau, Executive Vice President of Mortgage Lending at Carrington Mortgage Services whose research is used in the results of this study. “There’s good debt, and there’s bad debt,” he continued, referring to the differences between student loan debt and credit card debt, “One is tax deductible, and the other is compounded daily.”
Another factor for renting is that many millennials have gotten so used to the renters lifestyle, they don’t want to be tied down to a home purchase. This market segment may not be saddled by large amounts of student loan debt, or even credit card debt, they simply don’t see themselves tied down to a home for a lengthy period of time.
Metro Detroit property managers are seeing their bottom lines increase as ‘generation rent’ continues to delay purchasing a home. As the leading Metro Detroit property management company, Real Property Management reminds all Metro Detroit investment property owners to cater toward this generation as they tend to be tenants for longer periods of time and are willing to spend more on the ‘right’ rental property.
Real Property Management Metro Detroit has over 25 years of experience in the property management industry and offers services to property managers in the Detroit Metroplex. As a full-service Metro Detroit property management company, their services vary from advertising, screening tenant applications, leasing, rent collection, maintenance and evaluations, evictions, and financial reports. For more information on how you can benefit from the services Metro Detroit Real Property Management has to offer, visit https://www.metrodetroitrpm.com/