As home buyers, Millennials have earned a reputation for being different from the other generations. They approach home buying differently and seem to have slightly different priorities. These differences have lead to quite a few myths in the real estate industry. Understanding these myths can help you understand the future of real estate.
Myth: Millennials Don't Want to Buy a Home
It's said that Millennials want to be renters forever, and it's true that a high percentage of Millennials are currently renting an apartment or a house. However, statistics show that while Millennials may be renters now, they don't plan to stay that way forever. As much as 39% of Millennials expect to buy a home in the next two years.
Myth: Millennials Have Too Much Student Debt to Buy a Home
It's true that Millennials have a lot of student debt, and that student debt can be an obstacle for a person hoping to buy a home. However, this has not stopped Millennials from becoming homeowners. The number of Millennial home buyers is on the rise. 59% of Millennials have achieved their goal of buying a home, and there are more on the way.
Myth: Millennials Only Want to Live in Urban Areas
Many Millennials live in urban areas because they enjoy the convenience of living near their workplace. However, when the time comes to buy a home, many Millennials choose to purchase in suburban neighborhoods. They're drawn because of the affordability and the proximity to good schools. Studies show that the number of Millennials buying in urban areas is down compared to the number of Millennials buying in suburban areas.
Myth: Millennials Can't Afford a Down Payment
Mounting debt can be a challenge for Millennials who want to make a down payment on a Spruce Avenue new home. However, buying a smaller, less expensive home can keep the down payment affordable. This makes it possible for cash-strapped younger buyers to buy a property.
Contact a Real Estate Professional
If you're a Millennial home buyer who would like to purchase a home, contact a real estate professional today. Your real estate agent can help you view properties in your budget.