We all know millennials are already starting to drive a significant portion of the real estate market, with some statistics now showing they account for around 36% of all U.S. home purchases.
Despite apartment markets all over the country still red hot due to some millennials not wanting to settle for just any old home, others are out in full force looking to transition from renting to home ownership, and even in places we’re not hearing about all that much.
The accepted stereotype for millennials is that they want to live in the city and enjoy walkability and a rich social scene filled with plenty of things to see and do. But according new surveys, many young Amerians are actually opting for larger homes out in the suburbs with more bedrooms and more overall living space.
As we start to compile more data on the current real estate landscape, it’s becoming more apparent that millennials and first-time home buyers of a new generation are just waiting longer to buy a home rather than just settling for something smaller or less desirable the first time around.
As a result, many young home buyers are also much more demanding than first-time home buyers of the past, mainly because they’re also much more established in the processional world. Many have good paying jobs that also pay well, giving those out looking for a new place to live many more options to consider with the ability to pay more for housing.
Even still, older generations, such as the Baby Boomers, will likely always still dominate the housing market, mainly because they’re still going to be better off financially than most young home buyers, and much more willing to spend on houses at substantial price points.