Oh, the poor millennial. A.k.a. “snowflake”. But I’m seeing more and more millennial’s truly stepping out of the norm, become homeowners, and thrive in the business world. I think in any generation there are slackers and there are doers. We all learn from our past and how we were raised but many millennial’s are deciding to not let their past, be it good or bad, compromise their future and the direction in which they really want to go. Many millennial’s are saving more than ever, making wiser decisions, and when they do pull the trigger on marriage, family or homeownership, they are more prepared than many generations prior. Here are some other surprisingly truthful facts about today’s homebuyer millennial’s.
- Many millennial’s are renters now, but over 50% of them will ultimately settle for buying a home in the suburbs with larger square footage and safer neighborhoods.
- Millennials are looking for single-family homes. Starter homes may not be the ideal focus for a lot of millennial’s. They’d rather stay in the rental market or at home, saving up for the home they really want. Read more: Millennials are looking for techy houses
- A lot of millennial’s do not want to be concerned with fixer uppers. DIY is not in the mindset of a lot of millennial’s. They are working, active in the community and in their social circles, and simply don’t have time to fiddle with the house.
- Millennials crave control. In a recent study by Fannie Mae, “the main reason young people are working towards home ownership is that 93% cited the desire to control their living space. This could mean amply by painting it, remodeling, landscaping or a full on renovation should time, and budget allow.”
- More millennial’s are looking to the social aspects of homeownership and are more community minded. According to the previous survey, 75% of applicants fill that being engaged in her community was one of the main reasons for homeownership.
Surprisingly, one of the main reasons millennial’s are not homeowners is that they simply are scared they can’t afford it. Many people think a mortgage is some distance unobtainable achievement that worked for their parents or their grandparents but may not be achievable for them. Surprisingly, low down payment options, unique financing, and creative negotiations can make homeownership possible for many millennial’s. The fact is, they simply need to jump in, check their credit scores and their eligibility for loans. Many of them are surprised that they can actually afford a mortgage much easier than renting.
If you are millennial or anyone looking to buy or sell this year, give us a call. You might be surprised as to how much you can really afford in a home and a number of options that are out there.