SPOKANE, Wash. – Homeownership in the United States currently sits at around 65 percent according to the US Census Bureau, but many looking to get into home ownership face challenges of affordability, inventory and interest rates.
Millennials and Gen X, aged 28-59, represent the majority of homebuyers, according to the National Association of Realtors. Millennials make up 28 percent of the market, while Gen X accounts for 24 percent. Younger millennials may be first-time buyers, and those in the middle or upper ages of the millennial generation may be looking for bigger homes as their families grow, while Gen X could be looking to upgrade or downsize, depending on where their children are in their lives.
Jeff Thomas with Amplify Real Estate explained that Spokane’s market has a decent amount of inventory, though it could be better…