Millennials Are Buying Homes

Five Reasons Millennials Are Buying Homes

In the United States, there are over 72 million millennials. If you are part of that generation and have thought about buying a home, you aren’t alone. According to Zonda, 98% of millennials want to become a homeowner at some point if they aren’t already. Why? There are plenty of reasons you may choose to become a homeowner. Here’s why other millennials have made that decision.

Why millennials are buying……

The graph shows why millennials are buying homes according to Zondas 6th annual millennial survey. The top reasons include building equity, a change in life stage, wanting stability, rising home values, and wanting to make somewhere truly their own. Here’s a look at each in more detail.

Building equity – Homeownership is a long term investment. It allows you to build wealth, increase your net worth, and become more financially stable. The alternative to owning a home is renting. Rents have risen so dramatically over time. It might make sense to build your equity instead of the equity of the person you are renting from.

A change in life stage – As a millennial, you are reaching your prime homebuying years. That means you may be at the point where you need more space or a different location.

Stability or settling down – This could mean establishing your career or just generally deciding what you want your life to look and feel like. You may want to establish that lifestyle in a particular place and put down roots.

Rising home values – By purchasing a home, you own an asset that traditionally increases in value over time. That means your home will have a higher resale value if you decide to move again.

Wanting to make somewhere “mine” – Owning a home gives a sense of freedom. You can customize it however you want, make updates as you see fit, and be yourself in a place that’s solely your own.

Bottom Line

There are plenty of great reasons why millennials are buying homes today. If you have thought about becoming a homeowner and any of these reasons resonate with you, give me a call.