Millennials are often stereotyped as irresponsible and entitled. But when it comes to purchasing a home, many are quite savvy. In fact, according to the latest data from the National Association of Realtors, millennials are now the largest group of homebuyers in the United States. Here’s what you need to know about this important demographic.
Millennials are looking for suburban territory instead of downtown neighborhoods
It appears real estate trends are shifting among the millennial generation. A recent study found that the majority of young homebuyers are opting for suburban territories over urban neighborhoods. This trend may come as a surprise to many real estate investors who assumed that millennials would be attracted to city centers.. Consequently, real estate developers should keep in mind these desires when looking to invest, so as not to miss out on potential opportunities for profitable returns.
Millennials are willing to spend more money to have a backyard and extra space
Many millennials are willing to devote a larger portion of their income to housing costs so they can secure the extra space and backyard of their dreams. Younger generations increasingly desire outdoor living space for barbecues, outdoor parties, and leisure activities with friends and family. With extra space becoming an increasingly sought-after amenity among younger populations, real estate agents are now having to consider broader solutions to meet this rising demand.
The myth that millennials prefer smaller homes
Despite the popular notion that millennials prefer smaller homes, experts have discovered that their desire is overshadowed by the high price of real estate in major metropolitan areas. Such cities attract higher-end real estate necessities, such as walkability, and proximity to restaurants and cafes, among other features – all of which come at a high cost. Many millennials cannot afford to live in the same style as their American predecessors without help from family or access to long-term savings set aside for a down payment.
Although it was once assumed that millennial homebuyers were only interested in downtown neighborhoods, it seems that this is no longer the case. According to recent studies, the majority of millennials are looking for suburban territory instead of downtown neighborhoods. The study found that most millennials are willing to spend more money on their mortgage to have a backyard and extra space. While many people think that millennials prefer smaller homes, the truth is that many just can’t afford the luxury prices associated with city living.
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