Millennials see real value in buying a home
Remember when people worried that Millennials weren’t all that interested in buying homes? Those days seem to be gone.
A recent story by the National Association of REALTORS(R) says that members of the millennial generation are actually quite interested in homeownership. A large number of them actually find buying a home to be a more important priority than getting married.
According to the story, which references numbers from Bank of America’s 2018 Homebuying Insights Report, 23-year-old to 40-year-olds think of owning a home as more important than most everything else.
The survey found that 72 percent of these respondents called buying a home a top priority. For comparison’s sake, just 50 percent say getting married was a top priority, while 44 percent say having children was a top goal.
The only thing that Millennials seem to value more than owning a home? Being able to retire comfortably. According to the Bank of America survey, 80 percent of Millennials say that this is a top priority.
Why is buying a home so important to Millennials? Most Millennials said that buying a home is a sign of financial success. An additional 47 percent said buying a residence makes them feel more mature, while 36 percent said it made them feel independent.
It wasn’t too long ago that Millennials seemed to prefer renting over owning. That attitude seems to have shifted, though. Bank of America found that nearly 50 percent of renters surveyed said that renting long-term is a more expensive plan than is buying a home. The survey found that 69 percent of renters said that they think their rent will increase every year or every other year.
What about you? Are you a Millennial ready to make the move from renting to owning? If so, be sure to contact a REALTOR® first. This professional can go over your finances to help you determine how much home you can afford. A REALTOR® can also explain the home-buying process to make sure that your house hunt goes as smoothly as possible.