Summary of an Article from Realtor.com
Millennials, the largest generation in U.S. history Millennials are the largest generation in U.S. history, surpassing Baby Boomers. They were born between 1981 and 1997. For the last 5 years, they have been the dominant buying force in the market. This survey was conducted in June 2020 of 2,000 home shoppers who plan on purchasing a home within the next year.
COVID accelerates millennials’ plans to purchase a home
- Of survey respondents, 75% of millennials have been working remotely since the COVID pandemic hit. Of those respondents, 63% said they plan on purchasing a home because of their ability to work remotely.
Millennials are taking advantage of virtual home search techniques
- Thirty-five percent are spending more time looking at listing photos and videos.
- Twenty-seven percent are driving by the home to check out the neighborhood.
Millennials are ready for some competition
- Seventy-one percent of millennial respondents expect some or a lot of competition in the market when shopping for a home.
- With home prices quickly rising, 45% expect to receive financial assistance from family or friends.
Millennials are tired of their homes and they want room to grow a family
- Over a quarter of millennials reported they were tired of their current home.
- Twenty-three percent of millennials reported a growing family as the main driver.
- Twenty-two percent reported favorable home prices, 20% reported favorable interest rates, and 18% reported the desire to live in a safer neighborhood.
More than half of millennials reported they are looking for a home below the median home price
- Thirty-six percent are looking for an “entry-level” home.
- 63% of millennial homebuyers are looking to purchase a home at or below the median price.
- Fifty-four percent believe home prices have hit their peak.
Most millennials are not trying to move far
- Nearly half of millennials reported they want to move within their current city.
- Thirty-one percent reported from within the city to the nearby suburbs.
- Only 8% want to move to a completely different state.
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