Is a home purchase on your to-do list over the next two years? You’ll have plenty of competition finding your new home, according to the latest PenFed Credit Union National Mortgage Survey.
The survey found that 37% of American adults are planning to purchase a home within the next two years. Over half (52%) of the millennial generation plan to buy within that timeframe, with many looking forward to their first home purchase.
Millennials will need all the resources they can muster to get that starter home. Demand continues to outpace supply, pushing home prices upward and out of reach for an increasing number of Americans. The current home supply increased to 6.2 months, near the 6-month level considered a healthy balance – but affordable starter homes are still in short supply in many markets.
According to the National Association of Realtors (NAR), first-time buyers need nearly 23% of their income to afford the average entry-level home. That’s the hig…