Millennials As Home Owners - What The Experts Are Saying
Millennial homebuyers are far different from the generations of domicile dwellers who've gone before them. Here's what experts and recent surveys have discovered about the next wave of residential home buyers...
Young couples want to live near their families - but not too close...
A new survey from online bank Ally Home reveals young home buyers want to enjoy the convenience of having their parents or in-laws close by - but they don't want them living too close. The survey found a 15 to 45-minute drive was close enough. And no one wanted their close families nearby enough to just "pop in."
The smartphone is their go-to real estate research tool...
Homebuying used to mean logging a lot of miles, visiting prospective houses, banks and realtors. Today's next generation of home buyers is using their mobile devices to do most of the heavy lifting. According to a study by Clever Real Estate, almost 70% of younger buyers list their smartphone as their primary research tool. They use convenient real estate apps and banking tools to prepare for the eventual offer.
Young people are waiting longer before they buy their first home....
According to Cornerstone Home Lending, millennials are waiting longer to buy a first home. The most cited reason for this is that they're waiting to save up enough money for a solid down payment. While that's a sound strategy, other experts point out that the earlier you start the home buying process, the earlier you'll be able to retire. Right now, younger buyers are assuring they won't have their houses paid off until their sixties...
Millennials have regrets about not doing all their "homework" when it comes to true ownership costs...
According to CNBC's Make It, millennials have one big regret about home ownership. Turns out they underestimated the hidden costs associated with buying and owning a home, including the ongoing responsibilities of maintaining it. They wish they had researched it more.
Buying a home isn't a part of every millennial's 5-year plan...
Some experts report that home buying is not an activity every millennial is keen on. Two reasons are often given for this. 1) The 2008 great recession caused many to witness their parents lose or struggle to keep homes 2) Many are attracted to urban living, where renting is the only practical option. Other experts contend millennials are just late to the party, and will soon be buying homes at a healthy rate.