What Millennial Buyers Want In A Home

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A new analysis of data from the 2013 American Housing Survey breaks down the types of homes millennial buyers buy, how they finance their purchase, and what they’re looking for in a house. Among the highlights of the report, three of four millennials – young adults roughly between the ages of 18 and 34 – are first-time buyers. Because they often have little or no savings, these buyers, more than older buyers, are likely to let financial reasons influence their choice of homes and are typically financing their home purchase out of their current income. That means, the homes they buy tend to be older, smaller, and less expensive. In fact, half of all homes sold to buyers in this age range averaged less than 1,650 square feet and cost less than $148,500. Millennial home buyers are also less likely to buy new homes but are more likely to buy a condo. Their most common reason for buying a home is a desire to establish their own household, though younger buyers also said they wanted more living space and wanted to own their own home. Compared with older buyers, millennials are more likely to pay attention to how close a house is to their workplace and to the quality of the school district. Still, older and younger buyers both agree that finding the right house is the biggest influence on their decision whether or not to buy a particular home. More here.

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