Millennials Are Buying Homes | The Odyssey Online
Start writing a post
Life Stages

Despite The Myths, Millennials ARE Buying Homes

And they're changing the real estate game.

145
Despite The Myths, Millennials ARE Buying Homes
https://www.instagram.com/p/Bj5G1Jog13N/?tagged=firsthome

My new career in the real estate industry has already taught me so much, and I'm only a few months in. There are so many myths, stigmas, and conspiracies that go into buying, selling, or investing in real estate, whether it be a conspiracy about when the next crash will be, how homes are appreciating, or renting versus buying. There is always something to discuss in this field.

Like in so many other categories, there are myths against the Millennial generation and the real estate market. I'm sure just reading the word Millennial sparked one or two stigmas in your mind. Perhaps you think that they are all on their parents' couches or in their basement; that they are lazy and privileged. These ideals affect the way we perceive this generation as "big purchase makers."

  Millennials


The truth of the matter is, many young professionals come from the Millennial generation.

Common beliefs are that Millennials don't care to buy a home. Some even believe this generation is incapable of doing so because of the "lazy" stigma that surrounds this generation. However, there is a large percentage of this group who are officially "adulting" and desire to establish their own household.

Today's Buyer Rep, brought to you by the National Association of Realtors, states, "An improving economy has helped put Millennials (who now outnumber Baby Boomers) in a better position to become homeowners." Say what you will about their lifestyle, but studies show that they are motivated and able to buy— and they've already begun doing so. In fact, this past year alone showed a 1.3% increase in home ownership among Millennials. Wall Street Journal called this the largest increase of any age group over the past year. They are on the rise.

"The old theory that this generation would eschew home ownership in favor of renting appears extinct, "says Bloomberg.

  Home Ownership Chart

The Millennials who are buying have also shown 5 common trends in the way they choose their homes, according to The Washington Post:

  1. Millennials are choosing "Surban" areas, which feature suburban and urban communities; typically offering homes in better condition for better prices.
  2. Millennials are moving to cities that offer "tech hubs" (and Silicon Valley isn't the only option anymore).
  3. Millennials are moving to the MidWest for the lower-than-average housing costs, the numerous colleges and universities, and healthy job opportunities (with unemployment rates well below the national average).
  4. Millennials are choosing 18-hour cities like Kansas City, Charleston, Boston, and more. These cities attract both residents and businesses with communities that allow people top grow with their careers.
  5. Millennials are choosing their homes and communities based on how green they are. Millennials are demanding specific and energy-efficient amenities for their home to be environmentally friendly, as well as saving on some costs in the long run.

  Environmentally Friendly

Today's Buyer Rep also brings up the growing importance of technology in the home buying process, especially with younger generations. It's true that we now have a need to create genuine messages in smaller snippets. Real estate agents need to say goodbye to lengthy emails. Nearly everyone, not just Millennials, relies on their mobile devices to view information. Depending on their font settings, "a paragraph containing just two sentences can easily fill someone's screen." You want whatever is in those first two sentences to count. It's sort of like a headline!

Millennials are also creating a need for more video marketing and virtual tours. They are the first group to eagerly embrace virtual reality tours in the home buying process. Younger buyers will certainly give a listing a second look if it includes VR.

It's important to know that Millennial buyers are out there, and they are on the rise. They have also been cautious about this process because they have particular wants and needs. This may cause you to see them as entitled, but they are skipping the starter home and going straight for the dream home. And why shouldn't they? Regardless of common misconceptions, they are motivated.

Report this Content
This article has not been reviewed by Odyssey HQ and solely reflects the ideas and opinions of the creator.
Entertainment

Every Girl Needs To Listen To 'She Used To Be Mine' By Sara Bareilles

These powerful lyrics remind us how much good is inside each of us and that sometimes we are too blinded by our imperfections to see the other side of the coin, to see all of that good.

142016
Every Girl Needs To Listen To 'She Used To Be Mine' By Sara Bareilles

The song was sent to me late in the middle of the night. I was still awake enough to plug in my headphones and listen to it immediately. I always did this when my best friend sent me songs, never wasting a moment. She had sent a message with this one too, telling me it reminded her so much of both of us and what we have each been through in the past couple of months.

Keep Reading...Show less
Zodiac wheel with signs and symbols surrounding a central sun against a starry sky.

What's your sign? It's one of the first questions some of us are asked when approached by someone in a bar, at a party or even when having lunch with some of our friends. Astrology, for centuries, has been one of the largest phenomenons out there. There's a reason why many magazines and newspapers have a horoscope page, and there's also a reason why almost every bookstore or library has a section dedicated completely to astrology. Many of us could just be curious about why some of us act differently than others and whom we will get along with best, and others may just want to see if their sign does, in fact, match their personality.

Keep Reading...Show less
Entertainment

20 Song Lyrics To Put A Spring Into Your Instagram Captions

"On an island in the sun, We'll be playing and having fun"

34498
Person in front of neon musical instruments; glowing red and white lights.
Photo by Spencer Imbrock on Unsplash

Whenever I post a picture to Instagram, it takes me so long to come up with a caption. I want to be funny, clever, cute and direct all at the same time. It can be frustrating! So I just look for some online. I really like to find a song lyric that goes with my picture, I just feel like it gives the picture a certain vibe.

Here's a list of song lyrics that can go with any picture you want to post!

Keep Reading...Show less
Chalk drawing of scales weighing "good" and "bad" on a blackboard.
WP content

Being a good person does not depend on your religion or status in life, your race or skin color, political views or culture. It depends on how good you treat others.

We are all born to do something great. Whether that be to grow up and become a doctor and save the lives of thousands of people, run a marathon, win the Noble Peace Prize, or be the greatest mother or father for your own future children one day. Regardless, we are all born with a purpose. But in between birth and death lies a path that life paves for us; a path that we must fill with something that gives our lives meaning.

Keep Reading...Show less
Health and Wellness

10 Hygiene Tips For All College Athletes

College athletes, it's time we talk about sports hygiene.

30916
Woman doing pull-ups on bars with sun shining behind her.

I got a request to talk about college athletes hygiene so here it is.

College athletes, I get it, you are busy! From class, to morning workouts, to study table, to practice, and more. But that does not excuse the fact that your hygiene comes first! Here are some tips when it comes to taking care of your self.

Keep Reading...Show less

Subscribe to Our Newsletter

Facebook Comments