Most millennials value the purchase of a home over most other life decisions including marriage.
Millennial home buyers are taking a long, careful approach to buying
Millennial home buyers are a very calculating demographic. According to a Bank of America study conducted in 2018, most millennials value homeownership (72%) over over life events such as marriage (50%) or having children (44%). Therefore, they find themselves making very careful, well-planned home buying decisions. Needless to say, a home buyer should always take a methodical approach to purchasing regardless of age or financial position. Need advice for buying your first house as a twenty something?
Overall, Millennials feel that home ownership is a good investment and has become more affordable than renting. This is largely true. Rent rates are continuing to rise throughout Oxford as well as the rest of the country. Of course, the number one barrier to buying a home is supplying the down payment. Several factors need to be considered before deciding if homeownersip is right for you. The student debt crisis is the number one obstacle to saving for many millennials.
Millennials are willing to tackle housing projects if the neighborhood is right
A fixer upper does not deter home buyers in the millennial age group. In fact, if it’s in the right neighborhood, the property is probably more desirable.
If a neighborhood has a great location or the house has some incredible features, we are seeing that Millennials are open-minded about age and condition of properties. Homes in need of substantial repair and remodel can still be viable options for buyers in the millennial demographic. This understanding also helps them to slowly make changes as they become more financially capable.
Millennials also tend to favor safe neighborhoods (37%) and good schools (33%) over walkability (11%) and short commutes (11%). In addition to Millennials, Generation Xers also place favoritism in these aforementioned ideals. Ultimately, property values will be driving these deciding factors. Looking for a fixer-upper? Base your decision on these neighborhood factors.