Coldwell Banker has dedicated many resources toward understanding Millennial Homebuyers. As a fellow Millennial, I resonate with our generation’s priorities. From Millennial Wealth reports to summarizing overall needs, we’re committed to shining a light on the things that matter to Millennials most.
Recently, I stumbled upon a video by A & D Mortgage—excellently spotlighting who Millennial Homebuyers are, their motivations, and priorities.
Their video highlights these points:
- Millennials as a tech-native generation with deep involvement in real estate investing early in life
- Addressing financial insecurities stemming from the 2008 crisis and overcoming concerns about a potential market crash
- The impact of student loans on Millennials’ mortgage qualifications • Adapting to remote work’s influence on the mortgage industry and embracing technology for online-savvy Millennials
- Millennials’ prioritization of sustainability in the home-buying process
- Common Millennial homebuying misconceptions and ways to address them
It’s a great watch, see below –
Who are Millennial Homebuyers?
- Millennials are classified as individuals born between 1981 and 1996.
- They rely on technology for information.
- They research extensively.
- They were coming of age around the time of the ’08 financial crisis.
- They are cautious about spending and debt.
- They have grown up around significant economic and societal events; the 2008 financial crisis, student loan debt crisis, job market uncertainty, rising home prices, and delayed life milestones.
Housing Trends Affecting Millennials
- Remote work has freed Millennials to work from home and relocate to more desirable locations.
- Affordable homes are a key priority for Millennials as high student loan debt and rising home prices limit their ability to purchase.
- Sustainable homes are a high priority for Millennials as they are a generation of conscious individuals, aware of their impact on the environment.
Millennials and Wealth
“There is already a large and growing population of millennial millionaires, andthere will be even more created over the next decade according to projections,”says Craig Hogan, vice president of luxury for Coldwell Banker® Real EstateLLC. “The big question is, ‘What will this generation do with their wealth whenthe Great Wealth Transfer takes place?’”… (2019 Coldwell…
Notable Articles
Are Millennials Becoming Their Parents?
Yes, when it comes to homeownership. Equally across the generations, almost all boomers (91% ages 56-74 / born approx. 1946-1964), Gen Xers (91% ages 40-55 / born approx. 1965-1980) and millennials (92% ages 24-39 / born approx. 1981-1996) say that owning their own home is important. When it comes to picking a neighborhood, the generations mostly agree:
Location, Location, Location:
Eight in ten (81%) Americans agree that they value the location of their home over the size, with the majority of all generations in agreement: boomers (79%), Gen Xers (79%), millennials (81%).
Safety First:
Boomers (98%), Gen Xers (98%) and millennials (93%) overwhelmingly agree on the importance of living in a safe neighborhood.
Keep Your Friends Close, and Your Family Closer:
Nearly three out of four boomers (72%), Gen Xers (73%) and millennials (73%) say it’s important to them to live close to their families.
I Love the Nightlife, Sometimes:
A slight majority (54%) of millennials say living close to bars, restaurants, and nightlife is important; those numbers drop slightly for Gen Xers (46%) and boomers (34%)
Americans want a Trusted Advisor (a real estate agent) to Guide Them Home:
Millennials, Gen Xers and boomers who have worked with a real estate agent to buy or sell a home agree, the number one reason they decided to work with a real estate agent was to have a trusted advisor to help navigate the buying / selling process (58% of boomers, 45% of Gen X, 47% of millennials)
“Home Where My Music’s Playing, Home Where My Love Lies Waiting:”
These lyrics are straight from “Homeward Bound,” and when it comes to what music evokes feelings of being at home, rock and country are the top picks, with 37% of Americans saying each of these genres makes them think of home. When it comes to rock, similar proportions of millennials (36%), Gen X (43%), and boomers (39%) say this type of music elicits feelings of home
Learn more here.