A survey conducted by The Collingwood Group, a Washington, D.C.-based business advisory firm, reveals that an increasing amount of millennials consider homeownership with absolute earnestness. The firm surveyed a random group of 650 people between July 5 and July 8, 2015 for the study.
A few weeks ago, we published a blog addressing the growing likelihood of millennials entering the housing market as homeowners. The findings of The Collingwood Group offer insight on what exactly millennials are searching for when buying a home.
The survey reports that 65 percent of participants polled between the ages of 24 and 34 are likely to forsake modern conveniences to save for a down payment on a home; the Internet, cable, cell phones, and Starbucks comprise some of the amenities these millennials would be willing to sacrifice.
The report also found that 79 percent of millennials would not be “willing to pay slightly more for a mortgage if the application process was completely online and streamlined versus more offline and paper based.” Moreover, approximately 90 percent of participants answered that the price of their monthly payments is more important than the ease of the application process.
These two findings, specifically, show that the need for instantaneous results that have come to be associated with the millennial generation do not carry over to the process of buying a home. Millennials are taking homeownership as seriously as previous generations, and want to ensure they receive the best, regardless of the complexity of the process.
The last piece of data that illustrates the similarity between millennials and older generations is the fact that 68 percent of them want to buy a home in the suburbs and not in the city. As the survey elucidates, the millennial generation is complex, and when looking to buy a home, they resemble the values and desires of their elders.