—Demand from first-time home buyers, most likely millennials, is
increasing, yet traditional measures of affordability offer a somewhat
misleading perspective for potential first-time home buyers, says Deputy
Chief Economist Odeta Kushi—
SANTA ANA, Calif.--(BUSINESS WIRE)--
First
American Financial Corporation (NYSE: FAF), a leading
global provider of title insurance, settlement services and risk
solutions for real estate transactions, today published the findings
from a new study that provides an in-depth look at the trends shaping
affordability, specifically for first-time home buyers, titled “Why
Everything You Know About First-Time Home Buyer Affordability is Wrong.”
The study, developed by First American Chief Economist Mark Fleming and
Deputy Chief Economist Odeta Kushi, incorporates unique insights and
factors tailored to first-time home buyers.
“As millennials continue to age into their prime home-buying years,
first-time home buyer demand is poised to increase in the years ahead.
Yet, traditional measures of affordability are skewed toward existing
homeowners who, by definition, can already afford homes,” said Kushi.
“Unlike typical affordability studies, we’ve zeroed in on first-time
home buyers and factored in often overlooked costs like private mortgage
insurance and property taxes to provide a clearer assessment of the
housing affordability landscape for first-time home buyers.”
“Why
Everything You Know About First-Time Home Buyer Affordability is Wrong”
can be downloaded for Fleming and Kushi’s insight on the trends listed
below.
-
Two Reasons First-Time Home Buyers Should Ignore Traditional Measures
of Affordability
-
Property Taxes and PMI Included: A Better Way to Track House-Buying
Power for First-Time Home Buyers
-
Affordability is More Than Just House-Buying Power
-
Top 10 Cities with the Largest Supply of Affordable Homes for
First-Time Home Buyers
Disclaimer
Opinions, estimates, forecasts and other views contained in this page
are those of First American’s Chief Economist, do not necessarily
represent the views of First American or its management, should not be
construed as indicating First American’s business prospects or expected
results, and are subject to change without notice. Although the First
American Economics team attempts to provide reliable, useful
information, it does not guarantee that the information is accurate,
current or suitable for any particular purpose. © 2019 by First
American. Information from this page may be used with proper attribution.
About First American
First American Financial Corporation (NYSE: FAF) is a leading
provider of title insurance, settlement services and risk solutions for
real estate transactions that traces its heritage back to 1889. First
American also provides title plant management services; title and other
real property records and images; valuation products and services; home
warranty products; property and casualty insurance; banking, trust and
wealth management services; and other related products and services.
With total revenue of $5.7 billion in 2018, the company offers its
products and services directly and through its agents throughout the
United States and abroad. In 2019, First American was named to the Fortune 100
Best Companies to Work For® list for the fourth consecutive
year. More information about the company can be found at www.firstam.com.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190508005146/en/
Media Contact:
Marcus Ginnaty
Corporate Communications
First
American Financial Corporation
(714) 250-3298
Investor Contact:
Craig Barberio
Investor Relations
First
American Financial Corporation
(714) 250-5214
Source: First American Financial Corporation