This is so hard to admit... Bear with me... Ok... I know Millennials. Yes, I DO!!
I am a "Baby Boomer" ~ born between 1946 - 1965 ~ (1957) and I am the grandmother (GASP!) of a Gen-Y-er, better known as one of the "Millennials"... born in 1992..
So, I'm quizzing my ultra-cool G-kid#1, whom by the way just returned from an Über-epic 3-month tour of Sweden, about what his generation is looking for, if (when! ha ha, not him ~ he's on the "younger-side" of the Millennials born in 1992, from the category whose birth dates range from 1977 - 1994) but he volunteered his side of the story, and then I went on an internet hunting-mission for the rest:
What's the situation?
1. Lots of student debt ~ therefore debt-to-income ratio is not looking pretty... (Poor babies, I totally feel their pain. For some reason the debt was much easier and less painful to acquire, than to deal with!)
2. Lack of downpayment ~ the typical 20% down just doesn't jive with their experience, finances or active lifestyle. (again, student loan-debt is the biggest culprit).
3. Not getting hitched OR having kids at this stage! ~ Well, at least not as early as the previous generation! Millennials are delaying commitment for ~ well ~ much more immediate gratification! (they would rather hike, bike, travel, etc.)
4. They have recently witnessed how the recent housing and economic crisis affected their parents and grandparents~ many of their loved ones lost their homes and suffered greatly during the GREAT RECESSION. This is ingrained in their memories!
So they don't feel like they should be in a hurry! Time will wait, I will someday be ready!
Well, ... if they truly are in the position to jump in, THIS IS TOTALLY THEIR BEST TIME! So, quizzing Brad and his friends more, I discovered their HOT BUTTONS!
HOT BUTTON #1) Covered closing costs ~ they have no extra dough, partly due to student loans, so they really need to minimize out-of-pocket expenses...
HOT BUTTON #2) Move-In ready ~ again, not much extra $, don't have the hand's on experience and they need to physically SEE the end-result before they buy...
HOT BUTTON #3) Open floor plans~ their immediate family consists of family, friends, anyone and everyone close to them. They want an open kitchen and outside living area!
HOT BUTTON #4) Work-from-home spaces ~ many Millennials work from home, so a separate room or a workspace-nook is vital...
HOT BUTTON #5) Low maintenance living ~ they have zero-patience with upkeep. They like to enjoy a few flowers, yes, but are not into spending money watering or hours tending a garden. They need their time for hiking, biking, volunteering, wine-trips, cross country skiing, learning how to rock climb.. you get the drift..
HOT BUTTON #6) Location ~ okay, this really depends... The URBAN's want loft-style living near downtown; the SUBURBAN's are great with a master-planned community with schools, restaurants, shopping, etc close by. It depends on which end of their 1977 - 1994 spectrum they are in!
HERE'S A COOL THING: Many Millennial's will buy soon ~ THEN in less than 5 years, will want to sell and follow another path. They are not the Buy-Now-Wait-20-Years people. They are movers, shakers, and not afraid to make decisions down the road.
DID THIS HELP YOU TO UNDERSTAND MILLENNIALS AND THEIR WANTS AND NEEDS? IF SO, PLEASE EXPLORE WWW.SIMPLEZERODOWN.COM
I learned a lot while writing this. Here is what I want all Millennials to know:
AND I will either help you with your southern California home purchase, OR I WILL REFER YOU TO ONE OF MY VERY TRUSTED AGENTS around the country knowledgable about this process. This is FOR REAL. No hype. No come-on's. I just want everyone who reads this post to realize THERE IS A WAY TO PURCHASE A HOME, if you have the income, but not the other requirements necessary.
So.... I'm still crazy over my own grand~Millennial ~ even though he's years away from making a home purchase... He is the love of my world, and one day, maybe here or IN SWEDEN or another country, I will help you buy a home!
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