BANGOR, Maine (NEWS CENTER) -- Numbers show that fewer young adults are buying homes nationwide and incomes remain stagnant, but in Bangor, the trend is different.
CoreLogic, a website that monitors national housing trends, says that homeownership rates for the 25-34 year-old age group are down 10% from thirty years ago.
However, local real estate agents say the Bangor market has done better because of affordable home prices and low interest rates.
"For that 25-34 age group, in Maine it's actually been increasing slowly but surely over the past five years," ERA Dawson Business Development Manager Julie Williams said. "We're now at over 50% of all homebuyers are first-time homebuyers. So that's a testament to how much the market is improving for homebuyers here."
Williams says because interest rates are exceptionally low, many young adults are looking into buying rather than renting.
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