Published June 29, 2020
What Millennial Home Buyers Want
The largest living population today is known as the millennial generation. As they outgrow Baby Boomers, this group continues to be the most influential in future advancements. Once young adolescents hooked on technology, they are now in their 20s and 30s and buying homes tops their agendas.
Here’s a look at the things millennial home buyers are looking for as they plan their home purchases.
Buying More Appealing than Renting
While renting is often seen as a more affordable way of living, especially for those just starting out in the workforce, many of today’s millennials are coming out of the Great Recession of 2008 smarter and more informed. Their focus is on investing their money wisely and home buying is one risk they're willing to take for the long term. The graphic shown gives useful insight into how much people really spend renting instead of buying for a long time.
Starter Homes Aren’t So Practical
Most millennial buyers are also taking risks. They aren’t looking for a safe starter home to eventually grow out of. Many are thinking big picture and opting for the larger, more expensive properties that will meet their growing family’s needs and be their “forever home” rather than having to make repairs or go through the buying process again in the future.
Location, Location, Location!
While planning for a forever home involves financial commitments, there are also the other factors millennials are considering – such as location. Choosing areas they want to live in for the long haul – where good schools and neighborhoods that meet their needs and other amenities are present.
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