The present technological age seems to be having an effect on how a certain market segment, namely the Millennials, is controlling their finances. With regard to first-time mortgages in Guelph, their view of the ultimate asset of buying a home could be associated with a general concern related to checking bank balances, but they do have a general perception of their spending habits.
At the same time, the millennial attitude is one of being hands-off, or remote, which places a reliance on professional expertise, such as that of a mortgage broker. The study, in which a significant number of Millennials determined that this segment of the population considers traveling and saving money as priorities!
As far as, for instance, investing in property with the help of a mortgages broker is concerned, the Pew Research Center found that based on the USA census data analysis, the number of young adults residing in their parents’ owned homes is still on the increase. This again could be indicative either of the perceived millennial hands-off financial approach, or the prioritizing of their careers and personal goals.
Budgets and planning
Although these consumers may seemingly conduct their finances in a more relaxed and almost informal environment, in comparison to previous generations, they still consider money related objectives, such as a first-time mortgage as part of their future security. However, the study found that in general, this segment does not compile a comprehensive budgetary procedure.
Despite being disinclined to rely on the spreadsheet principles, Millennials are positive about their saving routines, with about fifty-percent having in place an automated paycheck deductible savings method. This is further enhanced by a reportedly 39-percent seeking a higher-paying occupation to enable a greater savings potential, resulting in an increased volume of first-time mortgages in Guelph.
A matter that could be a cause of concern is that with respect to the real estate market reportedly only 27-percent of the millennial market is directly committing savings for their own property. However, comparatively good news for mortgage brokers is that this percentage is reported to exceed new clothing at 12-percent and for the males, luxury cars listed at 11-percent.
It must be repeated that whilst the foregoing was based on reported study results from the USA, they should also relate to Canadian Millennials. For an expert and direct opinion as well as some professional market-related advice, contact the Mortgage Guys!