Characteristics of Millennial Homebuyers
According to a new survey from the National Association of REALTORS®, millennials (born between 1981 and 1996, Pew Research), also known as Gen Y and Echo Boomers, are the largest homebuying segment at thirty-seven percent. While millennials have been the largest share of homebuyers since 2014, the survey also found that they are most likely to be first-time homebuyers.
The lingering economic impacts of the Great Recession and the pandemic have caused millennials to delay homeownership. They’ve lived with parents, relatives or friends for longer than any other modern generation, saving enough for a down payment on a home of their own.
The economy and pandemic have also impacted a larger number of homebuyers (18%) to purchase a home big enough to house multiple generations. Households often include adult siblings, adult children, parents and/or grandparents. Pooling resources allows family and extended family to save money on housing, quarantine together, share cooking, housekeeping and maintenance duties, and provide care for children and elders.
While many millennials work from home, they also commute. Deciding where to live depended strongly on the quality of the neighborhood, but also on convenience to get to their workplaces and avoid long commutes. Fifty-seven percent of millennial homebuyers wanted to be closer to family and friends.
As a seller, what can you expect? Extensive virtual tours are a good idea for your marketing. Put your home in the best possible repair and update it with fresh cheerful paint and new appliances and fixtures wherever possible.