Young Millennial Buyers and the Real Estate Market
With still-rising home prices and a job shortage, many people in their 20s and early 30s are unable to purchase a home. While many young millennials may be living in their parents’ basements, they are currently the largest segment of the population in the United States which are buying homes.
Here are more interesting facts about the millennial real estate market:
• Millennials are getting help from their parents. Parents of young, first-time home buyers are providing them with loans or money for an initial down payment. With the amount of financial help coming from them, parents of young millennials often have a strong say in the type, location, and price of the homes their children buy.
• Millennials put time and effort into the home buying process. The young generation scours the internet for hours in search of their perfect home.
• Millennials are more likely to purchase a home that does not require any major repairs or renovations. With down payments, college loans, a stagnant economy, and low wages, millennials just do not have the money for extra repairs or renovations.
• In the last few years, more millennials have been buying homes. The change can be attributed to people in this age group having children and being in cohabiting relationships.
• Most millennials do not understand real estate investing. They believe that financial barriers are in the way of being able to purchase a home, and they do not know the options available to them.
• Millennials are looking to purchase large homes. On average, their desired home size is 2,375 square feet. In comparison, baby boomers want to purchase homes that are around 1,900 square feet.
• Millennials are skipping “starter homes.” Instead, they are looking for larger homes where they intend to stay for a long period of time. This is because millennials are seeking affordability, smaller homes are being put out for rent rather than for sale, and the competition for a home is high and may continue to remain high in the next few years or so.
Contact a Reputable Will County Real Estate Attorney
Purchasing a home as a first-time buyer can be daunting, but at the Law Office of Jack L. Zaremba, we make the process easier. Our highly experienced Joliet real estate lawyer , Attorney Ann Zaremba, will guide and work with you throughout the home buying process. Whether you are purchasing a home, investing in real estate, or looking to lease commercial property, our firm can help. Call us at 815-740-4025 or contact us via our website.