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.
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.
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:
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.