Today’s millennials demands larger, much expensive homes than other previous generations, with an average price of $217,000 for 1,800 sq.ft. Much more pricey than baby boomer homes and just 11% less expensive than Gen X homes. 54% buy homes with shared amenities, such as a clubhouse with a community gym or swimming pool. These preferences make the suburbs the more economical choice for young home buyers.
Tips For The Millennial Homebuyer
The Millennial homebuyer, a consumer 18 to 34 years old, makes up 42 percent of the homebuyers today. This generation is making a huge impact on the housing business. It also faces unique challenges when buying a home. As a Millennial, you grew up during the Great Recession (December 2007 – June 2009). There’s a good chance you were touched by high unemployment, student loan debt and tight credit standards. Don’t let these challenges cause you to… Read more at The Mortgage Reports
The times of the renting and urban-dwelling millennial are fading. The young millennials’ impact is substantial and are increasingly shaping the way home buyers shop for their new homes. Home buyers under 36 years old make up half of the current housing market.
A look at millennial homebuyers
Millennials, also known as Generation Y, are the youngest group of buyers today. However, this market segment, ages 18-34, has to deal with some obstacles that were not a factor for previous generations. So, what are the top issues facing this group of prospective buyers and how they can overcome them?… Read more at Lansing State Journal
The Unique Profile of the Millennial Home Buyer of Today
Millennials are way more collaborative in their process of finding a home than the older generations are. They tend to utilize all the available tools, including their phones, social media and online networks. Older generations rely more heavily on the real estate agent for information and advice… Watch here