According to the National Association of Realtors, Millennials are now the largest group of U.S. home buyers. In fact, they make up 37% of all home buyers in the country. So, what do they want in a home? You would think I’d know, since I have three millennial children, but I’m still trying to figure it out.
This is what I do know — if you are a Millennial, you are likely waiting longer to buy. This seems to be the trend. It is certainly true with two out of three of my children. It’s not that Millennials won’t buy homes, they’re just delaying the process. If you are like a lot of people in your generation, you likely went to college, and perhaps you’ve delayed marriage and having children. You will eventually buy, but you may not be in a hurry to do so.
When you do buy, if you are like most Millennials, you will not put all your eggs in one basket. You won’t want your mortgage to eat up your discretionary income. Unlike previous generations, you aren’t willing to give up things like eating out and vacations. You would rather spend your hard-earned dollars on collecting experiences rather than things. As such, you will likely be more willing to buy a smaller house or even a condo. You’re probably also cautious about the large financial decisions you make. Of course, you are! Your impressionable years were marked by the Great Recession. You may have even witnessed your parents struggle to keep their home. Or worse — you saw them lose it.
Where you live will be extremely important to you. Millennials place great emphasis on convenience. Proximity to where you work and play is a huge consideration. Millennials like flexibility, are often mobile, and don’t necessarily see themselves staying in a home for years. You’re definitely more apt to relocate for the right opportunities or simply just to change things up. You love adventure. Experiences.
You are also likely to start the home search online. You like to do your own research, and it will probably be via your mobile device. But, you’ll eventually contact a Realtor. By the time you do, you’ll know what you want and where you want to live. I love working with Millennials because Millennials are very knowledgeable and savvy about the market. They know what they want in both a home and a Realtor.
Millennials are definitely a force in today’s real estate market. They may have shown up a bit late, but they are now here in full force, and their presence is strongly boosting demand for housing. A boost that will continue for years as more and more Millennials enter the market.