Millennials and Home Ownership

While many are quick to categorize millennials as being more interested in traveling and nightlife than settling down, there’s a growing interest throughout the generation in home ownership. According to a new report from Clever Real Estate, most millennials are aware of the benefits of home ownership- even if they can’t pony up to get there.

Here are some of the report’s major insights:

  • Millennials are thinking long-term about where they buy: They value safe neighborhoods and good school districts over walkability and short commutes.
  • Millennials are 52% more likely to buy a multi-family property compared to older generations (Generation X and Baby Boomers).
  • Millennials won’t shy away from a fixer-upper. 67% would put an offer on a home that needs major repairs.

There’s no question that buying a home can be one of the best decisions one can make, so long as it’s made with due diligence, and most millennials seem to understand the benefits- financial or otherwise. The 2019 Clever Real Estate Home Buyer Report surveyed 1,000 U.S. residents in the market set to buy a home within the year, over half of which were classified as millennials. The report underlined a surprising statistic- while there are hurdles to overcome, 84% of millennials believe homeownership is still part of the American Dream. For anyone invested in the real estate sector, this is a good thing.

Keeping in mind that interest in real estate isn’t the only factor that will play a role in millennials’ participation in the market, Clever’s report found that as much as 38% of millennials aren’t working with an agent to find a home, and might not realize that sellers usually pay the buyer agent’s commission.

To read the full report, including analysis, insights, raw data, and methodology, click here:

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