Millennial buyers are the same as any other buyers – they just have slightly different mindsets when it comes to starting the home buying process. The term “millennial” is defined as a person born between 1982 and 2004, meaning that many people who don’t consider themselves millennials actually are. There have been several studies and surveys done to get insight into the thoughts and concerns of homeowners, especially millennials.
Recently Bank of America has released their Home Buyer Insights Report which is a survey asking potential and current homeowners their thoughts on the process of owning a home. This report provided readers with statistics on the attitudes of the homeowner market. Below you can see a few of their numbers and also a link you can follow to see what else Bank of America asked.
68% of millennial homeowners say their current home is a stepping stone to the home they want to end up in.
95% of current homeowners feel proud of owning their home.
47% of first-time home buyers believe they would qualify for a down payment assistance program.
Another big number is that 86% of millennial homeowners believe owning a home is more affordable than renting.
There is a time and place for everything, including buying a home or renting an apartment. People could be living in their own home with the freedom to change the color of the wall or plant the flowers they want out front for the same price as the 1 bedroom apartment rented for a $1000/month. More and more it seems buyers are coming to this realization, especially millennial buyers who are starting on their first home.
Why are these numbers important – not only to our team of agents, but to all real estate professionals in the industry? Personally it is so we can better serve our clients needs and guide them through the process. Many buyers, whether millennial or not, may not realize that there are programs out there for down payment assistance or even better, zero percent down. Buyers could come to find that they don’t need to save as much as they thought to get into a nice home and not be financially burdened. All buyers should ask as many questions as they can to their real estate agent, lenders and inspectors so they can make informed decisions. That’s what we are here for. The Barker Team at HER appreciates all buyers, sellers and even those who are not yet ready to make that leap.