Millennials (ages 21 34) dubbed as the generation of
renters, have contributed to the rental market significantly over
the past few years as they left the nest to live in the city closer
to work or public transportation. Although the city provides
amenities like bars, clubs, public transportation, and shops, a
recent analysis from Realtor.com reports that millennials are
migrating to homeownership proving skeptics wrong.
This past August, 65 percent of
millennials have searched websites and apps for homes, and in a
focus group, it was proven that they are 70 percent more likely to
buy a home than the average adult (ages 34+). In our previous blog, we
reported strong home-buying activity in August- partially due to
Millennials seeking affordable housing. Also, from July, the first
time homebuyer rate jumped almost 5 percent. Millennials have proven their worth as being the
group to succeed in the job market when the recession hit, and they
are working hard to build credit and a new worth. They are now
entering a time in their lives where their futures are in mind.
Those who claim that Millennials are the generation of renters are
certainly mistaken as they are more and more transitioning from
renting to buying.
Sources: Realtor.com, World Property
Journal