It was only a few years ago that the millennials were caught up in college loan debt and preferred a mobile lifestyle instead of settling down in one place. However, things have changed drastically now since these individuals have constituted a major percentage of home buyers.
Millennials are waiting longer to buy their first home and are paying 39% more as compared to baby boomers who bought homes during the 1980s. Housing is not affordable for this generation as the salaries are highly dependent on experience. Despite the odds, millennials are determined to find a home for themselves and modify the traditional real estate.
Suburbs over Urban Populations
It is unfortunate that the stagnating wages and the drastic increase in student loans are making it difficult for the millennials to save a handsome down payment for their house. Nonetheless, this shortage of cash is actually leading them to find innovative ways of seeking out the perfect home for themselves.
They are ready to take risks and make property investments in areas which might be lesser known but offer affordable living. Their remote jobs are making things easier for them and they can think of settling in small towns like Haines City FL. Homes for sale are not only cheap but equipped with foremost amenities as well.
Everything has to be Perfect
A millennial will invest significant time to look for a home and would never hesitate to take help from a real estate agent. In fact, this generation doesn’t believe in working without professional help as they heavily rely on the information provided by realtors and their strong network.
They are looking for homes which are already up to the modern standards and do not require any renovation. They do not even have enough funds left for remodeling purposes after paying the down payment.
Selling the Starter Home
On average, a millennial keeps his home for six years and then sells it to look for the home which he really wants. Around 68% of the millennials view their first purchase as the stepping stone towards what they really want and would like to sell it to achieve more.
Mostly, this generation is inclined to buy brand new homes as they have been designed according to modern needs. Moreover, there are very few chances that such homes will encounter any kind of maintenance issues, thus, giving a sigh of relief to the already over-burdened generation.
Millennials do have massive buying power but they are also reliant on their parents to close the deal for them. Millennials are forming an interesting family dynamic when buying a home and this wasn’t seen amongst the previous generations.