The Millennial Generation: Trends and Concerns When Buying a Home
We often hear reports about the younger generations and their general restraint or trepidation in purchasing homes. The Millennial generation — as it is often referred to — was no doubt dealt a tough hand as the crash of 2008 left some of them with a distrust of the market. The Brian Burds Home Selling Team is a local real estate company with plenty of experience helping young people find their dream home and we’re ready to combat some of the misleading myths about Millennials and their homebuyer trends.
Some researchers suggest that many Millennials have waited on buying a home because of economic factors like high student debt, a competitive and changing job market, and the high housing prices in bigger cities. Others cite other cultural trends like a delay in marriage and having children and a preference for renting. This is not exactly what the most recent data suggests, however. While some of these factors— student debt and delayed marriage —may be a part of Millenial life, recent reports actually show a contrary picture forming.
According to recent census data, the homeownership rate among people under the age of 35 increased the most of any age group in the latter part of 2017. In El Paso the median age is of 32; this means El Paso has a large population of young people that can be considered in the Millennial category. The data shows that Millennials are actually a big part driving the market today.
Just like every generation, today’s young people gravitate towards certain characteristics in homes. While there is a significant variance, there are some popular trends that seem to attract Millenials. Some of these trends include:
- Classic: While it might seem counterintuitive, a big group of young people look for more classic homes, usually pre World War II. Young people like authenticity and a return to the fashions of times past.
- Open floor plans: One of today’s most desired architectural design features include the open floor plan. Many of today’s modern homes are built with wide open spaces. For example, the living room, dining room, and kitchen are all interconnected.
As your real estate agent, we have also come across a variety of concerns from young people. Due to common economic trends in today’s younger generation, here are some common questions you may be wondering about if you’re under 35:
How do I know if I’m ready to buy a home?
Buying a home is a big commitment, but it doesn’t have to be scary with the right real estate agent by your side. If you have some form of stable income and are feeling excited about owning your own property, you might be ready to embark on the exciting adventure of homeownership.
Why is buying a home better than renting?
While renting may have its advantages while you’re in college, buying a home is a way to secure your future and have a tangible investment. It brings stability to your life and gives you a freedom to modify the way you live.
How do I know what I can afford?
Another common concern is figuring out your budget and expenses. One way to do this is to take a careful survey of your overall income and subtract your estimated cost of living (mortgage plus other expenses). Factor in any existing debt or other payments you may be making. Once you find this number, you’ll have a figure to work with and feel more confident about the agreements you lock into.
Buying a home is still closely tied to people’s ideas of the American Dream. That is because owning your own property provides you with a security and investment that you can see with your own eyes and even though it is a long-term agreement, it doesn’t mean you are tied to one place forever. You always have the option of selling if circumstances change for you in the future.
Get the Best Deals with Brian Burds
Millennials often get a bad rep. The fact is, they are in many ways driving the market right now as they begin to embark in the home buying journey. The Brian Burds Home Selling Team is happy to help anybody looking to improve their future with the purchase of a new home. As your experienced real estate agent, our job and duty are to find the best option for you and your particular circumstances.