DALTX Real EstateDALTX Real EstateDALTX Real Estate
  • Home
  • Guest Post
  • Agents
  • Contact Us
  • About
  • Advertise With Us
Reading: Myth vs. Reality: 5 Unexpected Facts About Millennial Homebuyers
Share
Font ResizerAa
DALTX Real EstateDALTX Real Estate
Font ResizerAa
  • Home
  • Guest Post
  • Agents
  • Contact Us
  • About
  • Advertise With Us
  • Home
  • Guest Post
  • Agents
  • Contact Us
  • About
  • Advertise With Us
Follow US
© DALTX. All Rights Reserved.
DALTX Real Estate > Millennial homebuyers > Myth vs. Reality: 5 Unexpected Facts About Millennial Homebuyers
Millennial homebuyers

Myth vs. Reality: 5 Unexpected Facts About Millennial Homebuyers

4 Min Read
SHARE
Contents
1. They’re more suburban than we thought2. Millennials crave outdoor space3. They want flexible living spaces4. They’re considering their homes as an income source5. Millennials plan to customize
8425555052_5f71af6d1c_z
Photo: Francisco Osorio via Creative Commons

There are about 79 million millennials in the U.S., and their purchasing power is estimated to be $170 billion per year. This powerful demographic, born from the early 1980s to the early 2000s, now represents the largest group of homebuyers at 32 percent, taking over from Generation X.

But when it comes to millennial homebuyer behavior, it can be difficult to distinguish fact vs. fiction. We looked at information from a recent Pardee Homes and BUILDER survey, information from realtor.com, and the National Association of Realtors to cut through the noise.

characteriscics-of-homebuyers
Photo: National Association of Realtors

We know that millennial homebuying behavior is different than older generations, like texting vs. calling when contacting their Realtors and extensive use of real estate apps to do their research (be sure to check out our blog post, 6 Ways Millennials Are Changing Real Estate Business for Everyone, to get the full breakdown.)

But what are the specific preferences of this new breed of homebuyer? Read on for 5 unexpected facts about millennial homebuyers and what they want in their home.

8425555052_5f71af6d1c_z
Photo: Comrade Foot via Creative Commons

1. They’re more suburban than we thought

A lot of the recent news about millennial homebuyers paints them as urban dwellers, and maybe as renters they are. But when they are looking to buy their first home, more than half of the survey respondents said they want a suburban lifestyle. (Candy wrote about this very fact here!) Even more surprising, they’re four times more likely to pick a bigger house over living in a more populated community.

But even though these millennials said they want a suburban lifestyle, they want urban amenities, like the ability to walk to parks, grocery stores, schools, and work.

2. Millennials crave outdoor space

A lot of the traditional reasons to buy a house ranked high with millennials, like financial investment. But the “desire to have outdoor space” was the most important reason they want to purchase a home.

3. They want flexible living spaces

When millennials look at houses, 71 percent rank the ability to customize a new home as somewhat or very important. Top personalizations? A children’s play space is important or must have to almost four out of five respondents, and 74 percent said the same thing when they were asked about having a separate living suite (think aging parents). Other uses of the space that ranked included finished basements and office areas.

4. They’re considering their homes as an income source

According to The Project on Student Debt, in 2013, seven in 10 (69 percent) of graduating seniors at public and private nonprofit colleges had student loans averaging $28,400.Compare that with the average debt of approximately $15,000 (adjusted for inflation) for Gen X’s 1993 graduates. Ouch.

Not surprisingly, there is a growing interest among millennials to use their new homes as a source of income. About 35 percent of those surveyed agreed that they would likely rent out a space in their home to generate income.

5. Millennials plan to customize

Part of seeing their home as an investment means spending about a fifth of their budgets on renovations and customizations to up its value. This could be important information for Realtors to know when working with them.

 

 

 

How to Maintain Your Robotic Lawn Mower for Long-Term Performance
Single Females Strong Force Among Homebuyers
5 Tips for Outdoor Living in North Texas
HIVE Conference Kicks-Off Today in Austin
How Remote Working Increases Homeownership Possibility for 33K D-FW Residents
TAGGED:BuilderFirst Time BuyersGeneration XMillenialsMillennials & Real EstateNational Association Of RealtorsOutdoor LivingPardee Homes
Share This Article
Facebook Email Copy Link Print
Previous Article Golfing Legend Justin Leonard Lists Highland Park Property for $15,995,000
Next Article The Story Behind 1704 West Colorado NOT on the Foreclosure Block: Homeowner Wanted Bank’s Attention
Popular News
3771 West 4th Street

A Tale of Two Houses: Tudor Receives Revival in Monticello

Increase Home Value with a Freestanding Bathtub
PD-15: Revisiting My Plans and Predictions in The Aftermath
Roxann Taylor & Associates Joins Engel & Volkers Luxury Real Estate Network as First Franchise in Texas
Live in Steve Holy’s New Orleans-Style First House Built with Recording Gold
about us

DaltxRealEstate.com is the largest real estate blog and the only one in North Texas.

Links

  • Privacy Policy
  • Terms of Service
  • Contact Us
  • Paid Guest Post Submission

Categories

  • Wednesday WTF
  • East Dallas
  • Monday Morning Millionaire
  • Upon Closer Inspection

Get Involved

  • Advertise With Us
  • Write for Us: Submit Guest Post

Find Us on Socials

© DALTX. All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?