Millennials are the largest section of people who are in the real estate market. They are the people who were born between 1981 and 1996. Now, 37% of buyers in the housing market are millennials. So, their impact on the market is significantly high. Not only that, this new generation is purchasing homes more expensive than their previous generations. It indicated the economic growth and prosperity of the generation. Due to the updated world and different values and choices, millennials are interested in houses that are significantly different from previous house owners’ choices. Millennials also have preferred locations to live in. Buying a house is a very thought-out process for them.
Features that millennials consider before buying home
Millennials have a different choice when it comes to home buying. Most of the millennials are tech enthusiasts. This demographic group even searches their home offers on their smart devices. Most buyers in this group prefer to decorate their homes with modern tech devices. They always want to check the home online first and then go to the real location. So, when it comes to home, they are more comfortable with technologically advanced ones.
Another feature they look for in a home is being eco-friendly. Most millennials were born at a time when the green movement was at its peak. They are very enthusiastic about saving the world. This affects their house choice. They are more likely to buy a house with green technology with less impact on the environment than a traditional house.
The best places to buy for millennials
Location plays an essential role in the house buying process for millennials. As a generation, they are more focused on their career. So, it is preferred by them to have a home near to the workplace or educational institution. So, cities with workplaces and institutions have high demand. On the contrary, many millennials prefer to live far from the crowd, but not so far where they cannot reach modern technologies like Wi-Fi and other things. So, locations like sur-urban areas are also at their peak. Depending on the circumstances, these cities are most liked by the millenniums for real estate.
Average Home Price: $575,000
Average Days on Market: 23
Denver is the city that has been prioritized by the millennium over recent years. Over 63.63% of mortgage is contributed by them in Denver. This rate indicates the popularity of this city by the new generation. Moreover, the down payment for those is also standard, Average down payment that the young people are paying is $53,750. This is higher than most cities in the country. Not only are they the majority in the city, but they are doing well economically also. Also, Denver is a city that is near a suburban area. So, this is one of the reasons why it is popular among them.
Average Home Price: $810,000
Average Days on Market: 22
This is a city full of corporate offices and business headquarters. And for this exact reason, Seattle is preferred by the millennials who are serious and passionate about their careers. Above 61.35% of the down payment, shares are taken by the demographic. Also, looking at their average down payment rate of $85,677 gives us a sense of prosperity in them. As it is a big metropolitan city, all the modern technological and other benefits are available to people who are living there. So, before purchasing the property they think about this location.
Average Home Price: $779,500
Average Days on Market: 28
Boston is the third place where most millennials want to live. Over 61.08% shares of mortgages are taken by them. Boston is known for its headquarters and corporate spaces. Also, the area is a combination of semi-Sub-urban areas. Also, millennials prefer this city as many popular and well-remarked universities are there. Many young people move there just to get a better education.
Average Home Price: $310,000
Average Days on Market: 71
Chicago is one of the desirable cities for millennial home buyers. The majority of the crowd belongs to the millennials. This busiest city is known for its corporate structure and lots of offices around the city. It can be mentioned as a corporate hub, as most of the well-known offices have their brunch in this city. Millennials are attracted to this opportunity and move to this big city for their upgrade in careers. Also, all the modern facilities are present here. A wide range of luxury condos is available for sale in this area.
Buffalo, New York
Average Home Price: $209,500
Average Days on Market: 13
New York is the epicenter of all the corporate buzz. This city is affordable when it comes to property for the new generation. Although the house prices are high, so is the yearly income. Another reason is the diverse job market. If you have the proper skill then you can find a job that can support you and help you in your career. Also, the city is beautiful and has a lot to offer.
Gold Coast, Chicago
Average Home Price: $450,000
Average Days on Market: 98
Gold Coast Chicago is the best place for millennial home buyers looking to invest in their future. Located along the Lake Michigan shoreline, this bustling community is one of the most desirable places to live in Chicago. It offers an excellent blend of convenience and luxury, with plenty of public transportation options, an array of shopping and dining options, and easy access to downtown.
It’s no wonder millennials are drawn to this area! The median age here is 33 years old, making it a great place for young professionals looking to purchase their first home. Homes come in all sizes and prices-from affordable condos to luxury high-rise apartments and they all offer spectacular views of both Lake Michigan and downtown Chicago. Plus, there are plenty of amenities nearby such as beaches, parks and bike paths that make Gold Coast living truly enjoyable.
Millennial has an impact on the real estate market as they are currently the largest group. Their different choices and preferences have changed the market in a way that is making the investors think differently. Almost every city that offers to grow as a person is preferred by the millennials.