Millennials are working hard in their early careers right now and most likely saving up by rooming with friends or family. They are becoming aware that renting on their own is looking more and more less likely of a good idea as rent prices rise.
For this reason, they are taking on more responsibility and deciding to become home owners. Although homeownership rates are highest for those householders ages 65 years and over (79.2 percent), millennials have the largest increase of any age group to become a homeowner over the course of one year.
As they start to form an interest in purchasing their first home they know what they’re looking for.
The average buyer these days is looking for a 3 bedroom, two bathrooms, garage and an up to date kitchen, of course.
A garage was ahead of an updated kitchen, 24 percent, and open floor plan, 20 percent.
With over 66% of millennials planning to purchase a new home within the next 5 years, it's smart of realtors to keep up with this generations needs and wants. Millennials are better informed about their options than probably any other generation before them. If you aren't catering to this generation's enormous buying potential you're probably going to be missing out on a lot of opportunities.
To learn more about the home buying process, contact one of our mortgage specialists!