The term “Millennial” seems to be the topic of conversation lately, and frankly, we have to get used to it. Millennials are about to be more than just a buzzword. This massive generation of approximately 80 million is about to take over the housing market.
Much is to blame for the Millennials’ delay in joining the housing market: student loan debt, a weak job market, low wages, etc. However, a recent survey conducted by TD Bank shows that Millennials are growing up and getting out there. REALTORS®: take note of the highlights to become fully prepared for the largest generation to start looking for and purchasing homes.
When should you expect the Millennial Boom?
Millennial participants, ages 18-34, reported in the survey that they will be participating sooner than later. The majority of them plan to purchase their first home in the next 1-2 years.
Where are they looking?
Surprisingly, the Millennial’s most popular area to buy a home is outside city limits, in suburbia. Are they settling down? Urban/Metro areas were the second most popular.
What types of homes are most popular?
Foreclosures are not the best way to go for all Millennials. Move-in ready homes doubled in popularity over fixer-uppers.
Which amenities are most important?
From an attractive design to the location, amenities are important to every home buyer. Millennials voted on various home amenities, and an attractive design was a main component they looked for in the home buying process. *Note: All surveyed were able to vote more than once for their most important amenities.