Millennials were the top buying cohort in the country in 2013 and 2014, barely edging out baby boomers at No. 2 and Gen Xers in third place, according to the National Association of Realtors. But their home-buying needs and desires are very different from other generations.
The Consumer Reports National Research Center surveyed 1,573 millennials nationwide to better understand their attitudes toward housing. Overall, they believe firmly in ownership. Though just 26 percent currently own a home, 71 percent aspire to do so, the survey found.
So what are millennials looking for in their next place to live? According to our survey, proximity to family and friends topped the list of features they’re looking for in a home. Short commutes and walkability also were popular.
Many millenials will be single homeowners. “In 1985, single women accounted for just 10 percent of buyers. By 2005, during the last housing boom, that figure reached 21 percent for women; single men accounted for 9 percent of buyers,” Consumer Reports noted. “The expectation is that by 2025 there will be as many single-person households in the U.S. as there are homes with families.”
For others, multigenerational living has become an economic necessity. Consider this, says Consumer Reports: “The 36.4 percent of women ages 18 to 34 who lived with their parents in 2014 was the highest level since 1940. Even more adult men (42.8 percent) lived at home in 2014. It’s no wonder that 13 percent of home purchases last year were by multigenerational households.”
This generation isn’t looking to make renovations. A home “has to be move-in ready,” says J.P. Endres, a real estate professional based in Westchester County, N.Y. “They’ll personalize the home in small ways, for example with paint, but my millennial buyers don’t want to have to renovate or do a lot of work.”
For more details on the survey and its results, check out the full article:
- On January 22, 2016