The Number 1 Reason Millennials are Buying Homes
Contrary to popular belief, a survey finds Millennials are a huge part of the real estate market.
Clever Real Estate, a flat-fee real estate broker, commissioned the 2019 Millennial Home Buyer report, which looks into the minds of Millennial homebuyers. According to the findings, 84 percent of Millennials say that buying a home is a part of the American Dream.
The number one reason Millennials are buying a new home is the need for more space, followed by it’s a sound investment, it’s more affordable than renting and they want more privacy.
As for the criteria of their new home, Millennials say neighborhood safety is their top consideration when looking for a new home, followed by school district quality. Millennials are 46 percent more likely than older generations to list school districts as the most important factor in deciding where to live, which could indicate more Millennials are beginning to consider settling down and starting families.
Other interesting findings in the report are 79 percent of Millennials are first-time home buyers and 67 percent would put down on offer on a fixer-upper. But, Millennials don’t realize buying a fixer-upper without enough money in savings could hurt them, since a kitchen remodel can cost just over $22,000 with a bathroom remodel setting a buyer back nearly $10,000.
Saving up enough for a down payment was the biggest hurdle for Millennials homebuyers.