Blog

Apr
11
Rising rents pushing millennials to become homeowners

Within this past year, the typical spring buyer is on the lookout for a three bedroom, two-bathroom home with a garage and up-to-date kitchen, according to a new survey released from realtor.com. This given survey has also found that the needs for families and the rising of rent prices are encouraging most millennials to get into the current market, while most 55+ buyers are geared towards having more privacy and comfort in the next home they purchase.

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With reference to this article, some very distinct differences were identified in regards to priorities. For example, "The more older buyers are worried about having privacy and having the opportunities to age comfortably, while millennials place more emphasis on family needs, stability and personal expression."

"Although record-low inventory and high prices make this housing market unique, some classic features still top most shoppers' wish lists," says Danielle Hale, chief economist for realtor.com."

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If you would like to read more on this topic, please reference to an excerpt from the article below. Or, you can head to FloridaRealtors.org!

"Majority of buyers want space, multiple bathrooms and a garage The survey found that 44 percent of all respondents said they are looking for a three-bedroom home, and 93 percent of respondents want at least two bathrooms. Additionally, 27 percent of all buyers rate a garage as one of the most important home features, ahead of an updated kitchen (24 percent) and open floor plan (20 percent).

Older buyers want privacy & comfort; millennials favor family & self-expression More than 20 percent of buyers 55 years and older said that privacy – having a space solely of their own – was their main goal for purchasing a home. That was followed by their motivation for physical comforts (18 percent) and stability (5 percent). Fulfilling family needs took the top spot for millennial buyers (17 percent), followed by stability (14 percent) and personal expression (13 percent); only 12 percent of buyers younger than 55 cited privacy as their chief priority. However, 9 percent of 35- to 54-year-old buyers and 6 percent of 55+ cited personal expression as a main goal for purchasing a home.

For millennials, the rent is too high Twenty-three percent of buyers between 18 and 34 years old reported rising rent as a trigger for their desire to purchase a home – more than any other option. This corresponds with steep increases in rents across the country in recent years, especially in many high-cost urban areas that have become magnets for millennials. HUD data shows that rents were up in 85 of the top 100 metro areas, including 9 metros where rents rose by double-digit percentages from a year ago.

Millennials like contemporary and colonial homes; older buyers prefer ranches Among millennials who expressed a home-style preference – 11 percent didn't – contemporary and colonial homes took the top spots, each favored by 10 percent of respondents. On the other hand, ranches are the most popular home style for buyers 55 and older, favored by 28 percent, followed distantly by contemporary homes at 12 percent. Only 6 percent of millennials favor ranch homes."


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