LAFAYETTE — If you see a “for sale” sign going up in your neighborhood there’s a good chance the person buying that home will be a millennial. According to the National Association of Realtors, millennials made up 36% of all new-home purchases last year. The largest share among any generation.
In Lafayette, millennials account for more than 56% of all new home purchases. That’s the sixth highest rate in the nation.
Realtors like Tony Cobarrubia, 32, of Keaty Real Estate say low interest rates over the last few years coupled with Lafayette’s high than average rental market make the Hub City an attractive place for first-time home buyers.
“I’m a millennial and I know why I bought in the last five years was because my wife and I looked at what we were paying for rent and what we could afford for that exact payment for rent and it was a no brainer for us,” said Cobarrubia.
Lafayette’s booming housing market also allows/forces millennials to make quick decisions on what they want in a house before it’s off the market. Something that first time home owner Rachel Gremillion was more than happy to discover.
“I decided on a Monday that I wanted to own a house and then two weeks later, the next Monday I was actually putting in an offer,” Gremillion said.