Why You Won’t See Many Millennials on the Market

English Real Estate Group Video Blog with Scott English

What are some of the biggest hurdles facing millennial buyers in the real estate market? I’ll answer that and give you a glimpse at the millennial homebuyer today.

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If you’re under 35, it’s possible everything you know about owning a home is wrong. Your parents grew up in a time where “living the dream,” or going to college, getting married, buying a home, and having kids was a more accessible goal.

However, the rising cost of college tuition for millennials makes buying a home a riskier investment. Millennials are getting married later, having fewer kids, and failing to see the appeal of owning a home vs. renting.

There are a few cultural and economic trends that affect millennial homebuyers as well. For one, they love mobility. Job loyalty is on the decline, and millennials aren’t afraid to job hop, even it it means moving. They also tend to opt for short-term apartment leases which allow for more freedom to move.

Millennials aren’t afraid to job hop, even if it means moving.

Millennials love cities, but they are more likely to buy in the suburbs because they can’t afford to buy in the city. So, if they don’t want to leave the city, continuing to rent is the option they usually choose.

The biggest hurdle for millennial buyers is getting money for a down payment. However, they have a few different options like getting the down payment as a gift or borrowing the down payment from a lender.

If you’re looking to buy or sell a home, or if you have any general real estate questions, feel free to give me a call or send me an email. I look forward to hearing from you!