Millennials are Changing the Housing Market

More and more of the millennial generation are interested in homeownership. The way that millennials find their home has changed because they are living in a world that is ruled by technology.

According to the chart below, Millennials, ages 18-34, cover 42 percent of all home buyers today. First-time buyers make up 47 percent, which means nearly 6 in 10 are Millennials. They are more serious in looking for a home than renting.

Millennials are better informed about their housing options than any other generation before them. This research-driven culture is supported by the internet where everything you could want or search for is right at their fingertips.

According to the bar chart below, Millennials cover 29% of online resource versus Baby Boomers covering 20%. Millennials value their time and demand convenience, so they do hours of online research when it comes to home searching and finding their agent. They want the agents to involve them on social media. They highlight the features that are important to them along with pictures and videos which helps them envision themselves living in the location.

As a result, getting the information in front of them is key. After all Millennials are changing the housing market today when it comes to technology.

Before you decide to buy a house, find out if you can put your housing costs to work by buying this year! If you have any questions for us, don't hesitate to give us a call at 770-552-1000 or send us an email at skatz@vandykmortgage.com. We look forward to hearing from you soon!