There are more than 72 million millennials living in the United States. If you belong to that generation and have considered purchasing a property, you aren’t alone. According to Zonda, 98% of millennials want to purchase a home at some point. But why? There are several reasons you could decide to buy a property. Other millennials have chosen that path for the following reasons (see the graph below):
The 6th annual survey of millennials by Zonda shows why millennials are buying homes. The top reasons are growing wealth, a change in life stage, wanting security, rising home values, and wanting to make somewhere truly their own. Here's a closer look at each one:
Building equity: homeownership is a long-term investment that enables you to accumulate money, boost your net worth, and improve your financial security. Beyond that, renting is frequently a viable alternative to house ownership. It could make sense to grow your own equity instead of the equity of the person you're renting from, given how rents have increased so significantly over time.
As a millennial, you are reaching your peak homebuying years. That suggests that you could be in a position where you require an extra room or a different place.
Stability, or "settling down," might refer to starting your profession or simply making more specific decisions about how you want your life to function. As that concept solidifies, you might desire to build that lifestyle and plant roots there.
Rising house values: When you buy a home, you become the owner of an asset that traditionally appreciates in value over time. If you decide to relocate again, this might mean that your property will have a greater market value.
Wanting to make a place "mine" Having your own house offers you the flexibility to decorate it however you choose, update it as you see fit, and be who you are in a space that is all your own.
There are plenty of great reasons why millennials are buying homes today. If any of the reasons resonate with you, let’s connect to explore your options.
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