The media tends to give millennials, or adults aged 34 and younger, a bad rap, painting them as self-absorbed, unemployed Instagram users who are unwilling to start at the bottom of the corporate ladder and who are A-OK with living in their parents’ basements for the rest of their lives. (Uh, “Girls,” anyone?)
When it comes to the living situations of employed millennials, they’re traditionally thought to hiss and run at the idea of home ownership, instead choosing to rent in the city, where one can easily walk to a favorite bar or coffee shop.
But it turns out the media’s version of millennials is all wrong. Not only are they dying to buy a home in the suburbs, but they also made up the largest percentage of home buyers in 2014, according to a slew of recent surveys and articles.
Millennials were involved in 32% of all home purchases last year, the biggest of any group surveyed, according to a recent survey conducted by the National Association of Realtors, and they were the most likely to purchase a home with an unmarried partner.
Indeed, they may have helped spark a new home buying trend, one where 13% of home buyers in 2014 purchased with either a sibling or a parent, according to the NAR’s survey.
It also turns out that even if a millennial can’t quite afford a home yet, home ownership is actually more important to this generation than it is to older ones, as nearly two-thirds of adults aged 18 to 34 said that home ownership is “necessary to live ‘The Good Life’ and the ‘American Dream,'” more than any other age group surveyed, according to a recent Zillow survey.
The post-millennial generation is even more traditional, statistics suggest, with a recent survey by Better Homes and Gardens Real Estate finding that 82% of teens aged 13 to 17 said that owning a home is the quintessential part of the American dream.
And when these millennials finally find themselves in the position to buy a home, contrary to traditional belief, evidence suggests they are moving to the suburbs, according to Time magazine.
So what’s your take? Do you think millennials have gotten a bad rap? And if you’re part of the millennial generation and are indeed looking to buy a home, are you looking for one in a high-rise in the city, or are the suburbs calling your name?
As always, if you’d like to discuss this or any other real estate questions you may have, please give me a call at (714) 348-4000. I look forward to hearing from you!