Just the mere mention of the Millennial generation is sure to spark a few eye-rolls and negative comments from those who hail from older generations. However, this massive group of young adults between the ages of 22 and 37 are making an impact on the world around them. In the real estate industry, there's lots of myths surrounding Millennial home buyers. Here's the truth:
Myth: Millennials Are Not Financially Ready to Purchase Homes
For years, everyone only talked about the massive debt that Millennials were in. This was the generation that got saddled with student loans, have poor credit scores and entered into adulthood during the worst financial crisis since the Great Depression. In reality, however, Millennials have come out with more purchasing power than many of their elders. Millennials have been fiscally responsible since entering adulthood, and many have put off marriage and children, which has allowed them to accrue more wealth in a shorter amount of time. Many Millennial home buyers are ready to put down a significant amount of cash on a home, and are being approved for favorable mortgage rates.
Myth: Millennials Care More About Commute Time Than School Districts
Millennials are often described as a selfish generation. Due to this, many real estate professionals wrongly assume that all Millennials care about is how the location of their new house will affect them personally. It has long been presumed that Millennials care more about their commute time than they do the safety and quality of their neighborhood. However, recent research shows that Millennials place a high value on school districts and neighborhood safety. They are reaching the age where they are ready to get married and start a family, and they know that these factors will be important in the near future.
Myth: Millennials Require Move-In Ready Homes
Millennials have often been perceived as a lazy generation with high standards. Others assume that all they want are luxury homes and high-end cars, and that they don't want to earn what they have. The truth of the matter is, Millennials love a good fixer-upper. They aren't afraid to work hard to improve a home that they want, and they love having the ability to put their own touch on the property.
Millennials are actively involved in the Canals housing market, and in many ways, they are driving the trends that are shaping the real estate markets across the country. They value instant updates and social connections, and have transformed the housing market into an online entity. For more information about this powerful generation of home buyers, contact an experienced real estate agent today.