A millennial is a person who is born in the early 1980s or in the mid-1990s. The average age of a millennial group is 30 years. As per research reports, millennials constitute 36% of first-time home buyers. In the current scenario, the millennials are revolutionizing home buying. There are several reasons.
Unlike earlier generations, millennials grew up in a digital world, starting with cell phones and computers and progressing to social media, transaction-enhancing apps and artificial intelligence. Growing up in such an environment means access to instant information is fundamental. This extends to home buying as they educate themselves online thoroughly and use more resources to research before making a decision.
More educated & higher disposable income
The millennials are more educated than their previous generation. Millennials are more likely than ever to have a bachelor’s degree. Both men and women are now more likely to hold bachelor degrees compared to their Gen X counterparts. As a corollary, their disposable income is also high and this helps them to manage their finances properly.
Many millennials also plan to stay in their first homes much longer than baby boomers stayed in their first homes. The time and money most spent searching for the ideal neighborhood and making their home perfect for their growing family needs mean they’re quite comfortable staying where they are long term.
Sizing matters significantly for the millennials. The demand for compact homes or smaller sized apartments is high among them. The obvious reason is that they are getting married late and they prefer a smaller family size. But they do not compromise on the quality. They do not mind spending the extra bucks to get what they need in a compact home.