Home ownership by age group is different in the Sequim area than it is in most areas of the country, and the dynamics of how home ownership by age plays out in the Sequim area is an important factor for retirees who want to buy their retirement home here.
Home Ownership in the U.S.
Home ownership among the younger generation, the millennials, is substantially lower than the older generations. That’s not necessarily front page news (as if anyone reads the print newspaper anymore), but this is an important subject, especially as it affects your home shopping on the Olympic Peninsula in Sequim, Washington.
This pretty graphic shows home ownership in the United States among various age groups. Less than 40% of those around 30 years old own homes today. Student loans have had a big impact on the ability of millennials to own homes. The massive volume of student loans and the huge default on student loans (which goes back to ridiculously expensive college educations and a big disconnect between degrees and post-graduation jobs) has destroyed credit ratings of young people as well as their financial qualifications to buy a home.
Home Ownership Among Retirees
As you can from the national view of home ownership, more than 60% of people above the age of 45 own homes. But this gets more dramatic in an area like Sequim, Washington. The Sequim area does not have a lot of new manufacturing or industrial type jobs for a younger generation. The turnover is very low for the best jobs, like fireman, nurse, Sheriff’s deputy, school teacher, Pharmacist, and government employee, so these jobs are very hard to get. If you are an EMT (emergency medical tech) in Sequim or Port Angeles, you have a great paycheck, and you’re living in one of the best and safest places to raise your own children. That’s why the professional job turnover is so low here.
As far as non-professional jobs, retirees, or those in their 40s and above, are best suited for the jobs at Home Depot and Safeway and the health food stores. This is the demographic of the Sequim area. What does all this mean for home ownership in Sequim? It means that we don’t have a significant number of millennials moving to Sequim and buying homes. The typical buyer is in their 50s and 60s.
If you’ve read my article describing the demographic of home buyers in the Sequim real estate market, you know precisely where you fit in with respect to other buyers, and precisely what buyers are looking for in a home in this market. [I recommend you read The Sequim Bell Curve: Sequim Homes Hard to Find.]
Who are you competing with when it comes to home ownership in the Sequim area? If you’re in your 50s and 60s, well educated, a retired professional(s), stable and married for a long time, conservative financially, mature mentally, emotionally, psychologically, and spiritually, have a perfect or nearly perfect credit score, and know precisely what you want (a 3 bedroom, 2 bath home, 1800 to 2400 square feet, single level, modern kitchen with an open floor plan, some kind of view (whether a water or mountain view), and not too far out of town (like 5 miles), then you are competing against yourself. This is who the vast majority of buyers are in the Sequim area, and it describes the demographic of home ownership.
So if I may suggest an important strategy for you, even if it sounds self-serving, I strongly recommend you hire an experienced professional buyer’s agent with integrity who can help you navigate these waters. Contact me (text or call 360-775-5424) far ahead of coming to view homes so we can plan and strategize, because you are competing against some very intelligent and good people, like yourself, and it will not be easy finding the ideal home, negotiating successfully, and getting through all the necessary due diligence without someone who has the knowledge, experience, and who you can trust to represent you as you hope they would. I recommend reviewing my full resume at Chuck Marunde Resume. BTW, if you call me and I don’t answer because I’m on the phone with someone else, please leave a message. I cannot return phone calls with no message and phone number. Clients are hiring me months in advance, so that’s why I write this. Plan ahead. Find the best buyer’s agent you can. I hope I have the privilege of working for you.
Sequim Buyer’s Agent Chuck Marunde, 360-775-5424.
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- 24 Secrets to Buying a Country Home
- The Buyer Timeline
- Should I Submit a Backup Offer on a Pending Transaction?
- Sequim Locksmith: Change The Locks
- The Home Buying Process