The New Face of Home Ownership
In today’s housing market, who is the latest demographic to emerge as the largest group of homebuyers in the country? If you haven’t guessed, the answer is Millennials, the generation born between 1981 and 1996, otherwise known as Generation Y.
Latest data shows this demographic, despite financial challenges such as mounting student loan debt and high housing costs, are still eager to buy real estate. According to the National Association of Realtors, Millennials accounted for the largest share of homebuyers in the last few years and a recent survey done by Zillow found that 86% of millennial renters plan on purchasing a home within the next five years. As they begin to evolve in their careers and start families, buying real estate seems to be the next big step in their lives to create wealth and stability.
Another factor is everything that happened in 2020. In 2020, the surge in remote work has allowed millennials to expand their search outside of major cities creating an influx in homeownership in suburban areas. Combining all of this with their increase in wages and creative financing options, Generation Y is proving to be the new face of homeownership.
If you want to purchase or know someone who is, feel free to connect with my team and me to help you find your perfect home.
Whether you want to sell your existing home, buy your first home, upsize, downsize, purchase a vacation home, or just talk about options, a real estate professional is your best source for information based on current trends in our area. If you're interested in learning more about the 2023 real estate forecast, don't hesitate to reach out - we're happy to help!