As many of us parents know all too well, our grown children have been hit the hardest by the United State’s weak economy. Young Americans age 20 – 34 (Millennials or Generation Y-ers) face an unemployment rate of almost 11% and are struggling to achieve the American Dream, specifically that of home ownership. As a result, landlords across the country, including Southern California and Orange County, are taking advantage of our children and hiking rents. While this helps real estate investment trusts, or REITs, that own multifamily housing complexes across the U.S, it hurts these Millennials pocketbooks.
Even though mortgage rates are at an all-time low, job instability and poor credit are preventing many of our children from purchasing their first home. Now would definitely be the time to buy — if only they could qualify!
If you have considered assisting your children with buying a home in Orange County, you are not alone. Many Orange County residents are purchasing one of the thousands of distressed properties on the OC market both as an investment and for their children. From San Clemente to Newport Beach, there are great short sales, foreclosures, and deals available!
Whether you are interested in purchasing an Orange County home for your portfolio or on behalf of your grown children, contact Cheryl Marquis today. Cheryl and her team of experienced real estate professionals can help you find the right home for you.