Millennials have quietly dominated the home market. Shocked? At 34%, millennials have consecutively been the largest group of homeowners the past four years, according to the National Association of Realtors’ 2017 Home Buyer and Seller Generational Trends study. When you think of the ages of millennials (21-37), it makes sense that they are now the group dominating homeownership. But, headlines across the web might have steered you away from believing that. Millennial homeowners are simply doing things differently. There’s a myth clouding over them that they don’t want to be homeowners, but that’s not the case. Being more financially-conscious and crippled with student loans, Millennials have just had to be more savvy and patient in their home buying techniques.
For one, homes are being bought at a later age than their parents and grandparents before them. This paints a different picture when experts are looking at numbers in generational trends. But, there are many different factors at play that have millennials buying their homes in their late 20s or early 30s. Since millennials are now the most educated group, that also means that they have more student loan debts. Hence, they have been financially hindered. It’s harder to save money for a home when all of it is going to your education.
This leads us to the family trend. Millennials are waiting longer to start a family. This basically translates to millennials not rushing for the bigger space a home provides when they’re not settled down and ready to grow. However, there has been a huge trend of pet owners saving and buying a home to provide a yard and space for their furry child. Later starting families contributes to millennials not buying their homes after their early and mid-20s have passed. They’re reshaping how homebuying looks in this way. Especially young couples who are starting families (or not) without being married—very different from the baby boomer generation.
A Broader Vision
Millennials homeowners are doing something that past generations haven’t: they are seeing the investment potential in a home and they understand that renovations and customizing is at the core of making a house their home. How many times have you turned on the TV and seen the older couple choosing the move-in-ready home over the less expensive one that needs some remodeling? Millennials are the generation of DIY and savvy renovation projects. So, when it comes to a buying a home, this generation is being more conscious of price, but aware that their property is a huge investment piece.
Making Millennial Homeowners
The fact that millennials have a high percentage in homeownership is mostly due to age. They are just at the point that having a house is the direction to go in. The sticker price of a home can be a scary reality. So, it’s important for this group to know that mortgages are available and easy for them to obtain. Since many millennials are first-time buyers, agents can work diligently with them to ensure they are within price range and get the mortgage they need. As many mortgage agents will tell you, a mortgage itself is like a house. They come in different sizes and shapes. This can quickly become overwhelming. This is why working with an experienced person can be a tremendous help. Finding out what your right mortgage is is crucial to your home-owning journey.
That is where we come in. It only takes 10 minutes to get your Free Quote with us. We can save you time and money, with low rates and the right type of loan for you. Owning a home is a huge decision to make. We understand that. That is why we want to help you do it right the first time and ensure that you will be happy and comfortable making the payments for your home. Whether you’re buying for yourself, your new family, or your fur-child, we can help get you where you want to be.