Young people are buying starter homes instead of renting

When starter homes are in high demand, it’s a clear sign the real estate market is on the right track. When the housing market is iffy, young and first-time would-be home buyers typically opt to rent instead of purchasing a home. But when the housing market is strong, young people will feel confident buying starter homes, which are typically small, affordable houses or condominiums. This causes an uptick in competition for these types of homes, which usually go under contract in a matter of days in a healthy housing market. When the economy is healthy, starter homes in attractive neighborhoods with the right price tags will sell within a one- to two-month period—which is extremely fast for a home sale.

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