When it comes to millennials and goals, you may be surprised at what they actually list as their top priority.
When asked about life priorities, millennials name homeownership as their second-highest goal behind retirement—and before marriage and having children, according to Bank of America’s 2018 Homebuyer Insight Report. An impressive 72 percent of millennials say owning a home is their top priority, while 50 percent pointed to marriage and 44 percent to having children.
Who Are Millennials?
The millennial generation was born between 1980 and 2000 and grew up during the millennium. They are currently entering the workforce in droves, and homeownership is their overwhelming priority. Maybe it’s the fact that they’re finally starting to get their finances under control or maybe it’s because they’re getting older and are now looking for a place to settle down. Millennials have been bombarded financially, as they pushed through the recession, took on massive student loan debt, and entered adulthood during a less-than-stellar economy. And yet, they still have a strong belief in the American Dream. Second only to being able to retire, owning a home is a top priority for nearly three-quarters of millennials.
“Millennials are redefining life’s priorities by placing homeownership above nearly all other key milestones, including marriage,” Steve Boland, head of consumer lending at Bank of America, notes in the report. “Millennials equate homeownership with personal and financial success, and it’s encouraging to see this generation aspire to homeownership.”
47 percent of millennials equate homeownership with being mature and responsible or feeling like an adult, according to the survey. Millennials also said homeownership would make them feel independent (36 percent), established (34 percent), and empowered (26 percent).
The survey also revealed some housing preferences of first-time home buyers, including:
Homeownership tenure: 50 percent prefer a starter home, and 50 percent prefer a long-term home.
Larger space: 52 percent want more square footage, and 48 percent prefer a larger backyard.
Home design: 66 percent want a modern layout, while 34 percent prefer a home with “good bones.”
Extra rooms: 65 percent want a garage, while 35 percent want an extra bedroom.
Amenities: 75 percent prefer updated appliances, while more than 25 percent prefer an updated exterior.
For First Time Home Buyers
What does it mean if you’re starting to feel the pressure to purchase a home - but you’re not sure how to do it, who to ask for help, or how to move forward with this giant task? Buying a house is no small task. Besides being the largest financial transaction you may undertake, it’s also likely to be the most complex. So, here is what you need to know. It’s important to choose a trained and qualified real estate professional to guide you through the process. The buyer agent you choose should be a licensed REALTOR® and an expert when it comes to the area and type of home you are interested in. Your agent should also work closely together with your lender, so you all can identify your budget in advance so you can be prepared to act quickly once you find the home you want to purchase. Choosing a lender is just as important as choosing your real estate agent. Working with reputable, responsive, trained professionals who have a proven track record can help make your home search and buying process much more seamless and enjoyable.
Are You Interested in Homeownership?
Our team is committed to you, young home buyers. We want you to be happy and secure in a home that meets your needs. That’s why we have an entire team of 150+ dedicated real estate agents in to guide you through the home buying process.
If you want to learn more about the home buying process, we’d love to speak with you! Take the first step to explore your options and find out how you can possibly own a house for less than you pay in rent.
Contact us so we can put you in touch with one of our buyer agents and lender partners in your area.