Millennials. You know who they are – they're the ones born between 1981 and 1996. They're considered challengers, change-makers, boundary-pushers, and influencers. They love technology, using every bit of it to their advantage while challenging the status quo. They're also entering a new stage of life in which they're starting families and accumulating wealth.
With all these factors in mind, it's not surprising that Millenials made up nearly half of all U.S. homebuyers (43%) in 2021, up from 37% just one year earlier.
Previously known as the "rent generation," Millennials now represent eager, nimble, savvy homebuyers, despite all the uncertain economic factors and surging student loan debt. So what's feeding their appetite to achieve homeownership? Here are some factors:
Millennials see opportunity
Where older generations may see challenges, Millennials often see opportunity and potential. They can see prospects for building wealth, whereas others are apprehensive. Since they are less risk-averse, Millenials have no problem purchasing a home sight unseen, especially in a competitive housing market. Plus, they're incredibly resilient and enjoy finding creative ways to problem-solve and get what they want.
Millennials love technology
Millennials are innately in tune with tech trends, even as technology rapidly evolves. So when it comes to home buying, they leverage things like virtual tours, digital appraisal scheduling, virtual inspections, remote notary services, and digital closings. Plus, they prefer receiving, reviewing, and signing documents electronically instead of using "old-school" pen and paper.
Millennials are moving away from cities
The majority of Millennials are moving away from major cities. Many are migrating South and West to areas that offer warmer weather and access to outdoor activities, not to mention a lot more bang for their buck. They see nothing wrong with living in a vibrant, more affordable suburb outside of the city. They're seeking out family-friendly neighborhoods that better fit their lifestyles and personalities. So, communities in a great location, with excellent schools, access to a top-notch airport, and within a decent commuting distance (for the rare times they go into the office) are key factors for Millennial homebuyers.
What Millenials want in a home
More than anything, Millennials want their home to serve as a sanctuary, not a source of stress. A quality-built, polished home that is easy to maintain is highly ideal (especially if yard maintenance is included, like at The Enclave at Heron Ridge and our Cottage Series homes.) They lean toward newer, move-in-ready houses with open concept floor plans and spaces that serve multiple purposes. They enjoy beautiful, simple, easy-care materials and neutral colors, making decorating a cinch. Updated appliances and built-in smart home technologies that monitor and manage the home's systems get high marks. Furthermore, Millennials have no qualms about investing in energy-efficient options that help improve their overall energy consumption while reducing their carbon footprint.
Many Millenials work from home
Not surprisingly, the coronavirus pandemic broadened digital options over the past few years. Tech-savvy Millennials continue to embrace the trend. A great majority of Millennials work from home, allowing them to essentially work from anywhere they wish. They also take on more online freelancing opportunities than other generations, so homes with more office space and fast, reliable internet connections are a must.
Millennials like working with knowledgeable experts
Millennials are very detail-oriented and seek helpful information, data, and statistics to make better, more informed decisions. They admire and enjoy working with experts. That's why they happily rely on seasoned real estate professionals to help guide them through the home buying journey.
Whether you're a Millennial or not and are seeking invaluable real estate guidance, we're happy to help – especially if you're looking for a home near Atlanta in Georgia's Lake Country. Our Director of Sales, Kathy Phillips, would love to find the perfect place for you and your family.
We invite you to visit Harbor Club, a debt-free, award-winning Southern Living Inspired Community perfect for all ages. We're excited about the new generation of young parents who've made Harbor Club home. They love living here in a thriving, safe environment where fun and beauty abound. Will your family be next? There's only one way to find out. Contact us, and let's start planning your visit today.