Mainebiz

R E A L E S TAT E / C O N S T R U C T I O N / E N G I N E E R I N G O ver Independence Day weekend, Mary and Cameron McMillan celebrated their own indepen- dence as first-time homeowners. Previously renting an apartment in Yarmouth after moving here from Cambridge, Mass., the couple bought a newly built three-bedroom, three- bath house in Westbrook. ere's even a backyard and deck for their black Labrador, Dewey. "It's like a 'pinch me' moment because you work so hard to buy a home," Mary McMillan gushes two days after the move. "It was crazy, to keep going through the house and thinking, 'is is ours,' not a confined area like an apartment. en the toilet flooded and I'm like, 'Oh gosh, this is ours.'" A plumber arrived first thing Monday morning to fix the problem. Such are the ups and downs of home- ownership for a growing number of buy- ers in their 20s. McMillan, 27, works as a mental health clinician in Kennebunk, while her 29-year-old husband is an Army National Guard veteran working in military defense. e couple bought the house in the new Rivermeadows development for $608,000, paying 12% down and financ- ing the mortgage with a government- backed loan for veterans. e loan carries an interest rate of 6.25%, lower than the current 7.56% for the 30-year fixed-rate mortgage. "If interest rates go down, then we'll refinance," Mary McMillan says. Keen to trade long-term rent pay- ments for a place of their own, many young professionals are snapping up residential properties before age 30 at a faster clip than their forbears at the same age. at's true even in Maine, where tight inventories pushed the median home sales price to a record $398,250 in May, edging closer to the $424,500 national median. What's fueling the Gen Z or "Zoomer" housing boom? "Culturally, there's a growing appre- ciation for homeownership among the younger crowd, driven by the stability and investment potential it offers despite market challenges," says Sierra Rosendo Boler, an associate broker with Portside V O L . X X X N O. X V I J U LY 2 2 , 2 0 2 4 16 P H O T O / T I M G R E E N WAY Mary and Cameron McMillan, at their new home in Westbrook. They bought the house for $608,000, paying 12% down and financing the mortgage with a VA loan. F O C U S It's like a 'pinch me' moment because you work so hard to buy a home. — Mary McMillan New homeowner in Westbrook Pent-up demand sparks Gen Z buying spree in Maine B y R e n e e C o r d e s

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