Millennials Are Increasing the Demand for Condominiums

By
Real Estate Agent with RE/MAX Crossroads in Cuyahoga Falls and Stow, Ohio

condos

When deciding to buy a home, people are presented with many different options. The type of home you buy depends on your needs, budget, and in many cases, the desired maintenance level. For many millennials, their choice has been buying a condominium!

According to CoreLogic,

Last year about 43% of all condo home-purchase mortgage applications were submitted by FTHBs… Similarly, the data show condos were more popular with young homebuyers and empty nesters. For instance, 21% of all condo home-purchase mortgage applications were submitted by buyers aged 18 to 30, compared with just 17% of all single-family home-purchase mortgage applications by the same group in 2018.”

With home prices increasing year-over-year, it makes sense millennials are buying condos instead of a single-family house. As a result, the demand for this type of home has been increasing.

condos 2

As this graph explains,

The younger millennials are the largest cohort and are likely to drive much of the condo demand in the coming years”.

Bottom Line

If you are a millennial considering buying a home, understand that there are many options available. You may find yourself in a condominium as your first home. If you would like to determine which type of home best fits your needs, let’s get together to evaluate your options!  Call Tony Morganti at 330-352-9513 or email tony@tonymorganti.com 

Posted by

 

Tony Morganti, CRS, ABR

330-352-9513

Comments (2)

Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Hi Tony,  Thanks for sharing this information on millennials.  Yes, the times are changing and our markets need to change with those times.

Jul 09, 2019 06:30 PM
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

This is certainly my experience in San Francisco. The change is beginning to creep into the Silicon Valley. Gone are the days when most buyers of single-family homes want a large yard. Urban is in, and growing.

Jul 09, 2019 06:49 PM