ARMONK, N.Y. -- For millennials, buying a home may seem like a pipe dream. However, their generation is only a few short years away from having a big impact on the housing market.
"The market has been on the rise for a few years and each year we see more people buying rather than renting," said Barry Graziano, associate real estate broker at Houlihan Lawrence.
Single-family home sales rose 10.5 percent in Westchester according to the 2016 report from the Hudson Gateway Association of Realtors, which also include purchases from Rockland, Orange and Putnam counties. For the four-county region, yearly sales were 15 percent higher than last year.
"Financially, it makes more sense to buy a home rather than continuing to rent," said Graziano. "If you have the capital, you should buy. But that is part of the problem for young people who want to make the jump to a home."
According to Business Insider, 65.3 percent of millennials across the U.S. associate the American Dream with buying a home, more than any other generation. However, many millennials are not able to make home ownership a reality just yet.
Millenials postpone buying a home for a variety of reasons. In many instances, the inability to pay off college loans, stricter credit standards and the urge to save more money are all contributing factors. Students have an average of $37,173 in loans according to Business Insider.
"As a renter, you can easily spend half a million dollars or more on rent over the years and in the end wind up just where you started -- owning nothing," said Graziano. "Or you can buy a house and spend the same amount paying down a mortgage, and in the end wind up owning your own home."
While monetary factors may be discouraging for millennials seeking a home, most are still interested in eventually owning a place of their own. Millennials want to be homeowners and when the timing is right to make that plunge, it will have an immense impact throughout the market.
For more information on real estate trends or to find a listing in Westchester, visit Houlihan Lawrence's website.