Millennials playing larger role in housing market

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INDIANAPOLIS, Ind. - Millennials who are often accused of living in their parents basements or paying way too much for downtown sky-rise apartments are now playing a larger role in the housing market.

The generation now makes up half of home buyers, according to a recent Zillow report. 

"With interest rates where they are, it’s the perfect time to get into a house," first-time home buyer James Buikema, 26, said. "Especially if you’re going to see that 30 years down the road, I mean it’s  a good investment.”

Buikema was encouraged to become a home owner by his 29-year-old sister Sarah Wikoff, who is a real estate agent and recently bought a home in Fountain Square.

“We looked at it more as an investment, especially in Fountain Square," Wikoff said. "(Millennials) are figuring out that you can basically pay a mortgage the same amount as you’d pay rent, sometimes a little bit less."

This trend is attracting companies to try and get some families in Fountain Square and other downtown neighborhoods to sell their homes so they can flip them quickly and try to make a profit. They do this by sending little flyers to families in those neighborhoods.

“We’re one of those," Margaret Wilson with FS Houses said. "It’s just part of our way to try to market and get people aware that there are options to sell and buy that you might not know about.”

With all this attention to downtown neighborhoods, real estate agent Christi Coffey said millennials looking to break into the downtown housing market should act fast as demand and prices continue to increase.

“(Downtown housing) will be priced out of their budget in a couple of years," Coffey said.

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