Student loan and high rents may be slowing millennials from buying homes at the same age as older generations – but it is NOT stopping them. As you see from the infographic below, millennials were the largest share of homebuyers in 2018 out of all other generations for the 5th consecutive year!
Forbes has also recently reiterated the notion that millennial home buyers are an active, motivated and driving market force, especially as they approach certain life milestones. “The Millennial homeowner is not some one-in-a-billion, mythical unicorn. Under the right social and economic conditions, today’s twenty- and thirty-somethings are buying, particularly as they get married and start families.” (Forbes, July 2019)
The Chase Media Center has also dedicated a significant amount of time and research into understanding what, when and how millennials buy homes. Amy Bonitatibus, Chief Marketing and Communications Officer for Chase Home Lending, has stated that “Millennials are hyper-focused on their personal path to homeownership. Both mature and modern, they understand that this is a momentous decision, and are completely committed to making it a reality. And despite common misconceptions, they’re planning ahead, making smart financial decisions and willing to adjust their current lifestyle to make homeownership possible.”
Does this mean that achieving home ownership is easy? Does this mean there is no generation gap in home ownership rates? Absolutely not. However, it is supportive of the fact that millennials are a driving force in the housing market as the largest share of buyers. These studies are also an important reminder to avoid generalizations that the media often portrays such as depicting that certain entire generations are uninterested in home ownership or that they all have other purchasing goals that precede home.
We encourage you to explore this subject further in the following resources, and also be sure to work with an active trusted agent who understand millennial home buying trends (as they could be the buyer for YOUR home!).
All my best,
Bobbi Decker & Associates fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. For more information, please visit: http://portal.hud.gov/