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Trends in American home buying [Video]

Posted on Wednesday, June 15, 2016 at 4:34:39 PM

The demographics of the nation's core group of home buyers and owners have changed significantly in the past few years, largely resulting from millennials exiting higher education and entering the workforce. It appears as though many different groups are beginning to fall into a common trend with respect to where they are looking to purchase homes, though. 

U.S. News and World Report recently reported that Zillow data indicates there has been a substantial shift in the average value of homes in different types of regions. For example, the source pointed out that the average urban home went from being 1 percent less valuable on average than a suburban one in 2013 to now being 2 percent more valuable. The change is sometimes attributed to the economic and social trends taking place across the nation. 

Regardless of whether a potential buyer wants to purchase a home in a rural, urban or suburban area, working with a smaller, community bank can go a long way toward boosting chances of loan approval and receiving the best possible option for financing.