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A new study by Clever Real Estate indicates that the Millennial generation is well on its way to becoming the driving force in the housing market. Buyers 37 years and younger make up the largest share of homebuyers at 36 percent, despite the fact that homeownership rates remain highest among those aged 65 and older as the U.S. Census Bureau reveals. Millennials still see owning a home as part of the American dream, and real estate agents should prepare themselves to better serve this new generation of buyers.
In this survey of 1,000 Americans who were planning to buy a home in the next year, 84 percent of Millennials believed that “buying a home remains a core component of the American Dream.” This aligns with findings from the 2018 Bank of America survey that a majority of this generation prioritize owning a home above other common life goals, such as getting married and having children.
This shows that Millennials value homeownership not only as a source of financial wealth but also as an important stepping stone in their lives, even though we see trends of younger adults delaying both marriage and becoming parents, with some opting out of both entirely.
Here are some of the report’s key discoveries regarding Millennial homebuyers:
- About 79 percent of Millennials are first-time homebuyers
- Approximately 82 percent of Millennials are using online tools and real estate agents to guide them in the homebuying process
- Sixty-seven percent said they would be willing to put an offer on a home that was a “fixer-upper”
- Millennials value safe neighborhoods, good school districts, walkability and short commutes when searching for their dream home
- Of Millennial survey respondents, 63 percent said they used their cellphones as a primary research tool
- Twenty percent of Millennial homebuyers are living with a partner but not married
Read the full report here.