Millennial Homeownership In Ohio Is On The Rise

Millennial Homeownership Is On The Rise


Millennial Homebuyers

 

There is a lot of talk about Millennials moving into their parents basements or choosing to rent instead of buying homes. However, there is a new trend on the rise—Millennial homeownership. 

Facts on Millennial Homeownership

According to the U.S. Census Bureau, homeownership rose to 63.9 percent in the third quarter of this year, marking the highest rate is has reached since 2014. Millennials make up 66% of all first-time homebuyers, and represent 34% of homebuyers overall. It’s obvious that they are an important piece to the real estate market. Over 66% said that they plan to purchase a new home within the next five years.

While it is true that homeownership amongst Millennials is still low compared to previous generations, the rates are increasing as more Millennials age. They are graduating college, settling down, and emerging to purchase homes. While they are slower, they are certainly planning for homebuying and take it seriously. 75 percent consider homeownership an essential long-term goal and 40 percent of older millennials (aged 25-34) say they’ve already started to plan for a down payment, compared with 35 percent of the general population.

What Millennials Are Looking For

As rents are on the rise, many are turning to homeownership as a more practical and cost-effective alternative. However, Millennials do have a few preferences for their new homes:

  • Move-in ready: Since money is tight, Millennials prefer homes that newer and move-in ready that require very few renovations.
  • Updated kitchens and baths are a priority for this group. Homes with high-end appliances and fixtures are ideal, as they do not want to spend extra on upgrades.
  • Home Offices: As more businesses tune into the working from home trend, Millennials are searching for homes with spaces for a home office.
  • Suburbs: Yes! Believe it or not, about 50% of Millennial homeowners live in suburban communities. Many aim to live in neighborhood communities just outside of the city, but close enough to commute for work.

It is evident that Millennial homeownership is on the rise across the country. While their preferences and motivations vary from older generations, homeownership is still very much apart of their goals and plans.

Trinity Homes has a beautiful selection of high efficiency, well-built, move-in ready homes you’ll be proud to call your own, and has the expertise to match your wants and needs. Contact our team today to get started.

Millennial Homeownership