Every generation thus far has had their own reasons for buying a home that they will call their own. Millennials are no exception, however, what they are looking for or what is motivating many to buy are not necessarily the same things compared to what homeowners have valued in past generations. This is particularly true when it comes to single-family homes. So what exactly is motivating millennials to buy?
Building equity is on the main benefits of home ownership and a trend amongst all homeowners including millennials are concerned about. When borrowing money to finance and buy your home, it’s important to millennials to want to make sure to increase their property value and decrease their amount of debt. Having cash when going to sell or taking out a home equity loan can help pay off other debts or diversify financial investments
Millenials are a lot more focused on buying homes that have personality rather than your traditional start-up. That want a home to be used as a means of self-expression. This means they are open to buying older homes that have unique characteristics and don’t shy away from ones that need some TLC. There is big trend of renovating older homes. They also value homes more that have energy efficiency which reflects how more conscientious millennials are as consumers. Click here to learn about what to look for in an energy efficient home.
Space For Their Dogs
Yes, you read that right. More millennials are buying homes because of their dogs . In a recent survey conducted by Suntrust, only more living space and the opportunity to build equity beat out space for their furry friends, rising above the past traditional factors like marriage and children. Who wouldn’t with faces like this?
Another key factor for past homeowners was the standard rent vs. buy debate. In the past, buying was the clear winner but in some areas of the country, the economic benefit of buying barely beats out renting. With rising rent prices over the years finally starting to flat line, millennials have a variety of different reason they are choosing to invest in a home.
Considering diversifying your financial future? Check out our first-time homebuyer’s checklist to see how you can get started today.