Despite constant scrutiny for poor money management, historically high student loan debt, and dealing with lower earnings than past generations, millennials are finally making headlines for increasingly wanting to become homeowners.
However, this doesn’t mean the tech-savvy and mobile millennials gave up their stereotypical habits for getting exactly what they want and how they want it.
Nationwide Mortgages [1] recently released a very millennial-friendly info graphic, providing data for how this age group is changing the housing market. As the largest group of homebuyers at 34 percent, and making up 66 percent of first-time homebuyers, it’s important to know what they are looking for.
It’s notable that a majority of millennials expect to buy a home within the next three to five years, and they are looking for these homes online. In fact, 99 percent of millennials search online to look for a home, and 58 percent found a home on a mobile device.
Also, they are trusting. With an age group relying on the Internet for answers, they are comfortable to go to experts to provide them with the proper information when home buying. It is not surprising that 92 percent of millennials purchased their home through a Realtor.
Millennials want move-in-ready homes. Is this unexpected? Patience is a challenge for this age group, and they don’t want to spend time or money on a fixer-upper that will just cost them more time and cash for renovations.
What’s also important to millennials? Features. And there are some features in a home that millennials just have to have before purchasing.
The top features include a green energy efficient home, which is something millennials are willing to pay extra for. Also, a big kitchen, open floor plan, and new appliances are a must-have for the majority of millennials.
The final necessity is location. Sixty-five percent of millennials say convenient location to their job is the most important factor when choosing a neighborhood.