11 Oct Millennial Home Buyers
As the Millennial generation ages, their home preferences are changing. Survey data from NAHB suggests that Millennials are in the midst of starting and raising families. Thus, a desire for homes that better fit that need.
Roughly 55% of Millennials surveyed prefer 2-story homes with between 3-4 bedrooms. There is also an overwhelming desire for 2-2.5 baths, generally open floor plans, and an interest in some form of half or full basement.
Although many potential Millennial buyers have been putting off the home buying process due to concerns like student debt, 52% now feel financially ready to purchase.
What challenges face these buyers and their preferences? According to Zillow, starter home prices have increased by 57.3%, and inventory is dropping. This makes the market competitive.
Millennials are the largest share of homebuyers. Although preferences may be clear, the homes available might not match up. What will this mean for future buyers? As we’ve mentioned before, this is a hopeful group of people.
What are your thoughts on the state of the housing market for Millennials? We’d love to hear from you. Let us know via social media, or share with us on our contact page.