Millennial Homeownership Is On The Rise
November 21, 2017
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.
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Our family at Trinity Homes is made up of people just like you. Our understanding of how families want to live is incorporated into every home that we build. We understand that building a home is about so much more than just selecting a design and constructing it. We also understand that building a home is a huge life decision that comes with a lot of questions. Here are some of the most important and common questions we get to help you get started. Where does Trinity Homes build? We build all throughout the Central Ohio area, with communities in: Dublin Galena Plain City Grove City Pickerington Delaware Explore our communities here . What types of floor plans do you offer? At Trinity Homes, we have 26 customizable floor plans designed to match the needs of every stage of life and lifestyle. Whether you're growing your family, looking to downsize, or need to accommodate multiple generations under one roof, we have a layout that can be customized just for you. Do you have move-in ready homes? While we can help build your home from start to finish, we also have an inventory of quick move-in homes that are already nearing completion. View available move-in ready homes here . What amenities are included in your communities? Amenities vary by neighborhood but may include walking trails, parks, pools, and clubhouses. We'll help you find the community that best suits your lifestyle. What types of homes do you build? We specialize in building traditional single-family homes and condominiums throughout the Central Ohio area. What customization options do you offer? When building your Trinity Home, you will have the opportunity to visit our design center to make your exterior and interior selections. From siding to mailboxes to flooring, hardware, and finishes, we offer an extensive range of options, empowering our clients to build a home that truly reflects their unique style and personality. Can I use material selections outside of what Trinity offers? Of course! We’re always happy to accommodate these custom requests, ensuring every home reflects the unique style and preferences of its owner. If you have more questions, please contact a sales associate today.
Buying a home in Central Ohio is a major financial decision and long-term commitment, but it also offers significant financial advantages. Whether you're selecting one of our flexible floor plans or choosing a move-in ready home , homeownership provides value that grows over time. Predictable Monthly Payments One of the most valuable financial benefits of homeownership is stability. With a 30-year fixed-rate mortgage, your monthly housing payment remains consistent, helping you avoid unpredictable rent increases. This reliability makes it easier to plan ahead and stay on track financially. Build Equity and Grow Wealth Instead of paying rent without return, your monthly mortgage payments contribute to something you own. With every payment, you increase your ownership stake in the property and build equity. Over time, this equity can fund a renovation, support another investment, or contribute to long-term financial stability. Plan Ahead with Flexible Floor Plans Choosing a semi-custom home means designing your space to meet current and future needs. Trinity Homes offers open-concept layouts, adaptable bonus spaces, and smart square footage that grows with your lifestyle. Planning ahead can help reduce the need for costly renovations or future moves. Explore our flexible floor plans Long-Term Value and Home Appreciation A home is one of your most important financial assets. Properties often appreciate in value, particularly in well-planned communities with quality schools and amenities. By staying in your home long-term, you increase your chances of benefiting from home appreciation and growing your net worth. Save with Move-In Ready Options If you're looking to move quickly, a move-in ready home can be a financially smart choice. Trinity Homes often offers reduced pricing, included upgrades, or assistance with closing costs on inventory homes. Enjoy a brand-new space with modern features and minimal repair expenses. Browse move-in ready homes Frequently Asked Questions Q: What are the financial advantages of buying a home over renting? A: Homeownership lets you build equity, benefit from property appreciation, and enjoy stable monthly payments, unlike renting where payments offer no long-term return. Q: Are semi-custom homes more expensive? A: Semi-custom homes can offer more long-term value by reducing renovation costs and better meeting your family’s evolving needs. Q: How quickly can I move into a Trinity Homes property? A: Our move-in ready homes are available for quick occupancy, often with added savings or included upgrades. If you're considering buying a home, Trinity Homes offers options designed to support both your lifestyle and your long-term financial goals. Whether you choose the flexibility of a semi-custom build or the convenience of a quick move-in home , you’ll enjoy lasting value, thoughtful design, and a team committed to making your journey feel easy from day one. Ready to invest in your future? Contact us today to explore semi-custom and move-in ready homes in Central Ohio.
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