According to a new survey by Realtor.com, rising rents, millennials are purchasing homes to address the needs of their families. 

Because of increases in the rent, now, they are rushing to purchase their first home. Realtor.com polled more than 1,000 active home buyers online to come up with its results. It found that, among millennial buyers, 23% cited rising rent as a reason to buy a home. That is more than any other reason mentioned in the survey. 

It also comes as rents around the country are increasing, particularly in urban areas where the cost of living tends to be higher. Relator.com pointed to Department of Housing and Urban Development (HUD) data revealing that rents increased in 85 of the top 100 metro areas, with nine metro areas seeing rents jump double digits from last year.

Your comments and suggestions are welcome. Please if you are first time buyer and need help to start your home purchase process, I will be glad to help you. 

The Good Neighbor Next Door program

Last week I attended a HUD seminar, which I learned about "The Good Neighbor Next Door program." If you are a law enforcement officers, firefighters, emergency medical technicians and pre-kindergarten through 12th-grade teachers, this program is for you. It is a sweet deal, and you will love it. 

Through this program, you can receive a discount of 50 percent on a home’s listed price in regions known as “revitalization areas.” Using the program’s website, you can search for properties available in your state. You must commit to living in the home for at least 36 months. Eligible Single Family homes located in revitalization areas are listed exclusively for sale through the Good Neighbor Next Door Sales program. Properties are available for purchase through the program for seven days.

Check the listings for your state. Follow the instructions to submit your interest in purchasing a specific home. If more than one person sends an offer on a single home, a selection will be made by random lottery. You must meet the requirements for a law enforcement officer, teacher, firefighter or emergency medical technician and comply with HUD's regulations for the program.

HUD requires that you sign a second mortgage and note for the discount amount. No interest or payments are required on this "silent second" provided that you fulfill the three-year occupancy requirement.

The number of properties available is limited, and the list of available properties changes weekly.

To learn more, please see the Good Neighbor Sales Frequently Asked Questions!

I will be glad to help you and answer any questions you may have. Please check the website and see if your area has designated revitalization areas.