Update: 8 New Millennial Home Buying Trends to Watch
Millennials are having a big impact on the housing market right now, but what are some of the current millennial home buying trends? We’ve done our homework and come up with the following insights about millennials and home buying based on research from various reputable sources.
1-Millennial Now Make Up the Largest Group of Home Buyers
According to the National Association of Realtors (NAR), 36% of recent home buyers are in the millennial generation. That means they’re between the ages of 18 and 35.
2-Millennial Home Buyers Have Good Credit
In April, the average male millennial home buyer had a credit score of 725 and the average female home buyer of 723, according to a HousingWire article.
3-Millennials Set to Spend a Lot of Money on Homes
Based on an infographic from Mortgage Master, millennials are poised to spend approximately $2 trillion on home purchases in the next five years.
4-Millennials Choose Luxury over Space
Millennials are willing to sacrifice space for more luxurious finishes like quartz on the kitchen counters, according to a report from the National Association of Homebuilders.
5-Millennials Are More Likely to Buy Homes Sight Unseen
When it comes to making offers on homes without ever seeing them in person, millennials are leading the pack. According to a Redfin survey, more than 40% of millennials made offers on homes sight unseen in 2017, a higher percentage than for any other generation.
6-The Vast Majority of Millennials Believe in Home Buying
The majority of millennials – a whopping 86% – believe that buying a home is a good financial investment, based on information from the NAR.
7-More Millennials Are Going Conventional
More millennials are qualifying for conventional loans. Approximately 67% of all mortgage loans taken out by millennials in January of this year were conventional, the highest percentage since 2016, according to the Ellie Mae Millennial Tracker™.
8-Millennials Look for Neighborhoods, Not Just Homes
Research has shown that millennials don’t just home shop. Instead they look for homes that are in neighborhoods that fit their lifestyles. They like to live in neighborhoods that are not only close to where they live, but also close to the places they like to dine and shop.
FIT Agency Likes Sharing Home Buying Trends
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