HOMEOWNERSHIP RATE AMONG MILLENNIALS HAS TICKED UP! WHAT YOU SHOULD KNOW ABOUT THIS SEGMENT OF HOMEBUYERS.
Peggie Simmons
I
n recent years, millennial home buyers (aged between 25 to 40) have been flocking the real estate market looking to fulfil the American dream of owning a home. Their patterns of buying homes has been intermittent. During the pandemic period, millennial homebuyers have been a great driving force in the housing market. This has left many real estate experts and agents with questions. Who is this generation? What do they want in a home? Below are a few things about millennial home buyers that you may want to know.
1. THEY HAVE A RECESSION MINDSET. The millennial home buying equation has several factors. Millennial home buyers were and are significantly affected by the Great Recession. Studies have revealed that millennials are thrifty and wary when making financial decisions, especially due to huge college debts and low chances of getting a job. With the challenges that the millennials face in the labour marker, they have to be very cautious when making huge financial decisions such as buying a home. WWW.THEPOWERISNOW.COM
2. MILLENNIALS LOOK FOR DIFFERENT THINGS IN A HOME. Many realtors wonder what millennials look for in a home when they’re finally ready to buy a home. What really attracts them to a particular home? What is on their “wish list” for a home? And what are they willing to sacrifice? One thing that is well known is that first-time millennial home buyers are very frugal and smart when marking the first transaction. Moreover, one study has revealed that millennials are more willing to sacrifice to buy a home than all other l
27
