Understanding the Millennial HomebuyerJuly 25, 2017
Millennial Homebuyer Insights
You may have heard that Millennials are making a big impact on today’s housing market as many are breaking into the market to purchase their first homes. In fact, their recent demand for affordable housing has been credited with creating stiff competition in some areas and pushing home sales prices to new highs.
Zillow recently reported that half of all homebuyers right now are under the age of 36, with 42% of those being Millennials. People in that generation currently range in age from 18-34 years.
Below is some insightful information from the report about the way Millennials think and behave. We hope you find these Millennial homebuyer trends useful when trying to attract new Millennial clients or when working with them on housing transactions.
5 Millennial Homebuyer Trends
- Research shows that Millennials tend to begin their home shopping journey online, and when determining which lender or realtor to work with, they strongly consider online reviews and ratings.
- While Millennials were raised on technology, in general they still think traditionally about home ownership, seeing it as an investment for their future. However, there is one exception: Millennials under age 25 are more likely to be worried about how their new home reflects on them personally rather than how good of an investment it is.
- Millennials, many of whom have put off homeownership while pursuing other goals like education, are more likely to jump into more expensive, larger homes, and forego starter homes.
- More than 50% of Millennials buy homes in neighborhoods that have shared amenities, and research also shows they want to live some place where they can be active in their communities.
- More than half of Millennials live in suburban areas, seeking the suburbs now in much higher numbers than expensive, trendy urban areas.
Lakeside Title Company
Lakeside Title Company is proud to provide services to Maryland’s diverse real estate community. We offer title insurance and numerous title services to streamline residential and commercial transactions for lenders, realtors, buyers and sellers. To learn more about our comprehensive title-related services, visit our website or give us a call at 410-992-1070. We look forward to the chance to serve you!