Millennials and real estate trends are changing. Millennials are beginning to make their way into the real estate market after years of stagnant buying trends. These people aged 18-34 have been in no rush to buy a house and settle down. Millennials have been hesitant to enter the housing market as they are in the process of paying the student loans of rising schooling costs as well as other debts. It is harder to get a millennial to purchase a house as they are not looking to be set into one place with the cost of a house weighing on them.
Freedom is what Millennials really want
The millennial generation is focused on being independent; not being locked down to a career and being able to move whenever. Millennials have mostly relied on renting for their housing up to this point. Millennials are tough to get into a house due to a lack of commitment and financial resources, but this is slowly changing as the millennial generation is starting families and settling down.
- Lack of Stability: Millennials often have up to 12 jobs from the time that they graduate college to when they turn 40. That lack of stability makes it more likely for a millennial to settle down to a house when they may just pick up and move again. That lack of stability is one of the biggest reasons that Millennials real estate needs are changing. They tend to be renters instead of home owners earlier in their lives.
- When They Choose to Buy: Millennials real estate timelines start with being good savers. That means that when they buy a house they are more likely to put a larger down payment down, and try and pay off the house as quickly as possible with the money they have saved up. This saving trend is enhanced by the fact that many Millennials are forced to live with their parents upon college graduation due to a lack of employment and heavy college debt burden.
- Focusing on Bigger: Millennials real estate needs are changing. Before they may have started with buying a smaller house earlier in their lives. Instead the focus is to buy something bigger when they have saved up enough. This often comes when millennials are starting families and are looking for a place to raise their children. Earlier generations were more likely to purchase that house when they become adults, not millennials though. They are more focused on getting something they have really worked hard to save up for and can really be proud of.
Millennials are completely different than other generations in the real estate market. With the focus on saving, independence, and quick relocation, Millennials are changing how real estate is done.
Contact Gene Mock, Associate Broker, Premier Team, Keller Williams Realty 703-342-8100 for more information about helping you in their real estate today!
Independent Millennials Changing the Real Estate Market