CABOR Says Millennials Show Interest in Home Ownership
The next generation of home buyers, the Millennials, are strongly interested in becoming home owners, according to a survey from the National Association of REALTORS® (NAR).
The Survey found 65% of renters ages 18-34 with an income of more than $50,000 want to buy a home.
Most of them plan to be coupled in their home with 76% indicating they will live with a spouse or significant other. Among those not moving in with a significant other, 22% anticipate having a roommate, including a friend, parent, in-law, grandparent, or sibling living with them.
“Millennials have witnessed the housing boom and bust, but still believe home ownership is a good investment,” said Joanne Zettl, Chair of the Cleveland Area Board of REALTORS® (CABOR). “The study shows that more than 90% of Millennials plan to buy a home someday, we see a lot of young adults who are making financial sacrifices to afford a place of their own.”
Millennials View a Home as an Investment
More than 50% of Millennials reported that the desire to own/build equity was the primary reason for purchasing their new home. The second largest reason, at 12%, was that Millennials were tired of apartment living.
Millennials overwhelmingly want an open/layout space in the kitchen and family rooms for entertaining family and friends.
In addition to the obvious home features, including sleeping, eating, and bathroom areas, Millennials rated the following aspects in a new home as extremely important/very important:
- 84% said ample storage for daily items
- 76% said space for TV, movie, sports watching
- 73% said the entry to the home
- 63% said outdoor living/deck
- 36% said the ability to conduct business from home.
And remember, the next time you are in the market to buy or sell a home, contact a REALTOR®, a member of the Cleveland Area Board of REALTORS®. REALTORS® are professionals who can assist you in the real estate process. For more information, visit www.cabor.com or call (216) 901-0130.