The Market for Homes Belongs to Millenials

By
Mortgage and Lending with Olympus Labs

Since March the world has been battered by a pandemic that has upset and rearranged life for literally billions of people. Even as scientists close in on a vaccine for the coronavirus, the repercussions continue, especially in the areas of mental, physical, and financial health. Here in the United States one of the largest demographics, the millennials, have not been spared the ravages of this plague, and in a response that has surprised many housing experts, but also reaffirmed those who believe in America’s love affair with private home ownership, millennials continue to make up one of the largest segments of the American home owning market.

 

The need for a safe haven, for a place that is protected by law and custom from sudden seizure or invasion, where individuals can relax and families can blossom, has been the dream of many for centuries past. Here in the United States that dream came true for millions ever since the pioneer era, and continues to claim a large part of the energy and enterprise of Americans today. Especially with the millennials. Born into a world battered by the Great Recession, they want the kind of security their parents, the baby boomers, had. And a house represents that kind of security and stability. Banks and other financial institutions, facing their own crisis due to the pandemic, are making it easier for millennials to find a reasonable mortgage. Realtors are trying to find ways to entice their potential prospects with anything they can think of from yellow lightsabers to crumbl cookies. And so home builders are busy amidst the continuing financial panic with construction of homes across America.

 

What do millennials look for in a home? Contractors and housing experts say that the following seem to be most important to these consumers:

 

Townhomes are an attractive purchase to millennials, mostly because the price is less expensive than a single family dwelling. There is also the fact that utilities are less extensive and yardwork is basically nonexistent. Plus much of the townhome construction is taking place in or near city centers, which means millennials will have less far to travel for their work and play.

 

Surprisingly, size is less important to millennials than neighborhood. Millennials will put up with a smaller house, even a fixer upper, if it is located in a good neighborhood -- especially if they have children and the schools and parks have a good reputation.

Of course, with social distancing likely to be a factor for a long time to come, one final consideration is the speed of internet connections. The faster, the better. 

 

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