Every generation has its usual preference for housing. There was a time that the concept has been “bigger is better,” then there is now the tiny home trend. But what really is the best type of housing for millennials?
USA Today for instance published a write-up on the home buying behavior off millennials. In their article, they shared their observation, plus that of some of industry experts’ that Millennials forgo buying a start-up home given their experience of the great recession.
“By renting or living with their parents for years, many Millennials in their mid-30s can now afford pricier houses because they’ve socked away more money and moved up to better jobs, Swonk says. And they need the extra space because they’re finally getting married and having kids after deferring those transforming events.”
Read the whole article here.
Attitude Towards Home Ownership
CNBC.com also shared a write-up on the home purchasing behavior of millennials or those aged 21 to 36 years old. In the survey that they quoted, it mentioned that 48% of this age group does not subscribe to the popular perception that owning a home is a wise investment.
“That’s a record low, according to the report, and a sharp contrast to the previous high of 77 percent just two years ago. Most of the respondents said they believe home prices are too high. The vast majority, 85 percent, said they expect a down payment to cost more than half of the total value of their personal assets.”
Check out the continuation of the web post here.
What They Can Afford
Time.com meanwhile published an article on where millennials can most likely afford to buy homes. According to the write-up, while millennials usually prefer urbanized areas, they are usually open to the option of buying homes outside these costly areas when it is time to raise a family.
“In states like Ohio, Iowa and Indiana, millennials should have a comparatively easy time joining the ranks of home owners — a theory supported by the high share of millennials in those mortgage markets. Young would-be buyers in Hawaii, California and Oregon, however, are far more likely to struggle.”
Check out the rest of the article here.
Millennials indeed have their own home buying behavior, different from that of the previous generation.