How Millennial Homebuyers Differ From Past Generations
Bank of America is among the largest mortgage lenders in the U.S. In 2018, it completed a study concerning millennials buying homes with help from loan officers in Las Vegas and across the nation. Most generations have their own preferences when it comes to real estate. Those preferences are often shaped by the world around them, and in the case of millennials, they were affected by a housing crisis, student loan debt crisis, volatile employment sector and much more.
Millennials Are Big on Tech
In fact, millennials have embraced the new tech in real estate so fast and with such zeal that it has really lit a fire for the industry at large. Due to virtual staging, 33 percent of all buyers put in an offer without ever seeing the home in person, and 41 percent of those buyers are millennials.
Millennials Want to Own Their Homes
There was a stereotype that this generation was moving away from home ownership. But more than 72 percent surveyed indicated it as a top life event. Furthermore, although a majority indicated that they were struggling with loan debt, they also indicated that this would not impede them from owning a home.
Millennials Are Waiting Longer
Although most millennials do want to own their own homes, they are waiting longer to do so. The study found that 29 is now the median age for purchasing a home, and that number is significantly higher than generations past. The study also found that the average millennial was not achieving real financial independence until around 26.
Millennials Have Embraced Fixer-Uppers
While there are many statistics concerning the kinds of homes and features millennials want, they do not necessarily want the perfect home. In fact, 67 percent of all millennial homebuyers put offers on homes that required either a partial or full renovation, and that is higher than generations past.