Central New York, Community, Consumer

Millennials continue to buy homes in CNY

NCC's Noah Eagle takes a look at whether or not Syracuse millennials are still buying homes.

By Noah Eagle SYRACUSE, N.Y (NCC News) – If you’re between the ages of 13 and 35, chances are you won’t be buying a home any time soon. That is if you aren’t from Central New York.

 

In a recent survey from Experian, millenials (those born between 1982 and 2004), have been shown to be scared off from purchasing homes.  Instead, many have elected to rent.  26 percent of consumers in the Northeast opted to rent instead of buy, according to Experian. That’s up from 13 percent last year.  Similarly, 34 percent of the questioned group said that purchasing a home is not even in their minds for any sort of future.

However, in Central New York, it seems like this trend is nonexistent.

 

“I’ve seen a lot of younger buyers. Especially in the last three to four years,” said Dylan Wise, a real estate agent in Camillus.  A lot of young adults at Syracuse University feel the cost of living can deter the age group from specific places. Armory Square, while an appealing place to live, can be seen as pricey for someone directly out of college.

 

The national trend has been pretty steady. Each year, fewer millenials are purchasing homes. Only time will tell as to whether Syracuse is next in line.