CHARLOTTE, N.C. — With interest rates nearing all-time lows, Charlotte area millennials are buying homes at a brisk pace for 2019, according to Allen Tate Realtors.
The company said homes prices in the $150,000 to $200,000 range are most attractive to millennial buyers.
Realtor Rebecca Hunter said condos and townhomes are selling well in the following areas and provided the following facts:
- In the past six months, since March 1, there have been 1,000 sales between $150,000-$200,000.
- This price appeals to millennials because they can own, and their payments are generally much less than rental prices.
- Of these 1,000 reported sales, 25% of them are coming from the Southpark/Dilworth areas.
- 20% of these are in the University area.
- 20% came from Plaza Midwood/uptown/NoDa.
- Others were sold in the Ballantyne/Blakeney area.
- Matthews is becoming very desirable for some millennials. Downtown is very vibrant with restaurants, and the age of the homes are newer.
"It feels pretty good." said first-time homeowner Cole Roach. "My interest rate is 4%."
Roach said he put down roughly $10,000 for a townhome in the Matthews area. He told NBC Charlotte he's saving hundreds of dollars a month compared to his buddies with similar-sized apartments nearby.
"I pay easily $200 to $300 less on my mortgage then what they do on their rent. That's just money in my pocket," Roach said.
Allen Tate said not everyone is ready to own a home. In fact, having a good credit score and steady employment factor greatly in what a buyer's interest rate will be. Allen Tate said locations and inventory will also impact home prices.
Still, Roach has advice for other young people wanting to own a home.
"If you know you're going to graduate soon, just try to save up as much as you can, and if you can afford the down payment, just save up the money because in the long run, you're going to save money. I enjoy being a homeowner. It's nice going home and knowing that it's mine," he said.