Millennials, also known as Gen Y, is the generation born from 1981-1996. This generation has made waves in their coming of age – they grew up with technological innovations, reinvented the way things are done and have brought in a new perspective to the world around us. All in all, they have stunned researchers and marketers because of their puzzling consumer habits. Now, with the year 2019 upon us, the majority of millennials are about to conquer their next life task at hand – the housing market.
As many millennials enter into their late 20s, early 30s, home buying is at the top of their radar. Whether it be by wanting to raise their family, or have a nice backyard for their dog, millennials have surprised many in their want to home buy. A lot of their logic comes from a place of not wanting to “waste money” by renting an apartment any longer – they want to invest in something now to help their long-term finances.
It is estimated that in 2019, millennials will make up 45% of mortgages, all alone! This will be the largest group of buyers in this next coming year considering that 17% of mortgages belong to Boomers and 37% to Gen Xers. While those still in their 20s will fall into the expected first-time homebuyer segment, there are also millennials who are able to move up a tier as well. This is a huge fact to take into consideration if you are trying to sell your home in this upcoming year – and decade for that matter!
Millennials like uniqueness when it comes to purchasing a home. With all the home renovation shows on TV and the internet for major inspiration, this generation looks for something they can make their own. Growing up through a recession, millennials are more frugal and thrifty than many people think. They look for affordability and convenience when it comes to a home and take home ownership as a sense of pride and independence – not just something for status.
Since this new wave generation is hitting the housing market, it is important to make sure that you are taking all the necessary steps with your realtor to appeal to this group of buyers – from making sure your home has an online presence to making it stand out from the rest, offering unique traits and potential for personal touches.