As the nation’s largest living generation with a U.S. population size of 82 million, millennials are making an impact in many areas of society.
One sphere millennials are impacting is home buying. According to the National Association of REALTORS®, a consistent finding over the last four years is that buyers 36 years and younger are making up the largest share of home buyers. This year that segment represents 34 percent of home buyers, with 66 percent of these buyers also first-time home buyers.
Here are some millennial home buying trends according to a realtor.com® survey:
- Focused on safety, privacy and more space (both indoors and out). Millennials are getting married or moving in with their significant other, looking for a new place to live, or planning a family. As a result, they prefer single-family homes or townhomes instead of multifamily homes or condos.
- Interested in the suburbs. To get the space they desire, millennials are looking at locations either in or near suburbs. That’s the same favorite location for baby boomers, which is causing competition for starter homes in particular.
- Afraid of financial issues. Millennials want to ensure that their money is well spent; 37 percent fear being able to come up with a down payment and 30 percent are uncertain about finding a home within their budget.
Given these millennial home buying trends, look at changes in housing options, community amenities and retail coming to a suburb near you.