Lima boasts a high percentage of young buyers, but study discovers
LIMA — According to the findings of a new survey published by the Inspection Support Network, first-time homebuyers who are younger are more likely to become homeowners in the Lima region than they are in smaller metropolitan regions located throughout the United States.
Homebuying patterns among adults younger than 25 years old showed that young adults accounted for 13.7 percent of conventional house purchase loans in Lima in 2020. This percentage was derived from the trends in homebuying among adults younger than 25 years old.
Smallsmaller metropolitan areas
When compared to the other smaller metropolitan areas covered in the survey, the percentage of first-time homeowners in Lima who were younger than 25 years old was the second highest in the country. It was barely one-tenth of one percentage point behind the Waterloo-Cedar Falls metropolitan region in Iowa, which was the only metropolitan area that beat it.
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On the other hand, as one of the brokers of Superior Plus Realtors named Timothy Stanford pointed out, “they’re entering a market that is facing an overabundance of demand.”
Officials at Freddie Mac projected in a research that was published during the summer of 2017 that the United States would require an additional 3.8 million homes to be placed on the market in order to satisfy the demand from prospective buyers of homes.
Alternatively, as Stanford put it, “There are simply not enough homes nearby.”
The Inspection Support Network
According to the study published by the Inspection Support Network, the homeownership rate for people under the age of 25 increased to 25.7 percent, which is the highest figure that has ever been recorded since the year 2005, when the housing bubble was at its pinnacle.
Midwestern cities dominated the list of those with the largest percentage of young people buying homes there.
Fort Wayne, Indiana (Ind.) According to the findings of the study, metropolitan regions of medium size had the highest proportion of young purchasers (those under the age of 25), and Fort Wayne, Indiana, had the highest proportion of young buyers (11 percent of loans for home purchases were issued to young adults in that year).
Other places in Ohio that fall into the category of small or mid-sized towns include Wooster, which has 11.2 percent of all loans being issued to purchasers younger than 25 years old; the Dayton Kettering area, which has 8.9 percent; and Toledo, which has 8.9 percent. Both Youngstown and the Canton-Massillon region had a rate of 7.6 percent, with Youngstown having 8.4 percent.
There were a greater number of young buyers living in little and medium-sized cities than in larger metropolitan areas.
In a survey of the top cities with the largest percentage of young homebuyers, Columbus came in at position No. 12 overall. However, according to the findings of the survey, just 5.5% of the loans that were distributed in 2020 were made available to persons who were younger than 25. This equates to a total of 1,490 loans in total.
The cost is of the utmost importance. According to the Inspection Support Network, the median loan amount for a house located in Columbus was $155,000, but the median loan amount for a house located in Lima was $105,000. Both of these markets had lower costs than the national average, which was $155,000 for the median amount of a loan in the year 2020.