I was reading an article this morning about “Millennials”. I seem to find myself thinking about this generation quite a bit, probably because this age group hits me so close to home with my family.
This generation of buyer’s are going to be so important to the real estate market, which in turn will impact all of us as homeowners.
The article quoted a survey showing that nearly two in five Millennials (49%) live with parents, but 93% plan to buy a home in their future. I’m trying to wrap my head around that percentage — there are $9 million Millennials in our state alone.
A recent survey finds that this “y” generation is concerned about the location of the property, neighborhoods, home features and interestingly also “walkability” to their desired hot spots (restaurants and shopping). They are also looking for the freedom to do what they want with the property and their privacy was also important.
On a scale of 1-10 homeownership importance for Millennials was an “8”. I feel this number is huge for all of our future real estate values. It’s encouraging for me to know that even though they have seen their parents struggle through the recession the housing crisis hasn’t affected their attitude toward homeownership being a good investment.
Let me know what you think.