Despite common belief and many obstacles, millennials could soon become major players for the residential, single-family homes market.
Zillow, a real estate research website, conducted a poll about views on homeownership. In all but one category the 18-to-34 age bracket expressed more favorable views than older generations.
Millennials were much more likely to report that owning a home is necessary to live the good life, provides more personal freedom and is necessary to be a respected member of society.
The only category where millennials were not the most optimistic on homeownership was with long-term investment where 65 percent still believe it is the best long-term investment a person can make.
Still, there are many hurdles for what has been reported as the largest generation in America’s history.
Millennials are having a hard time in the current housing market, as rents have increased causing more people than ever before to “double up” and get a roommate.
In the years 1970 to 1975, the average first-time buyer rented for 2.6 years, was 30.6 years and bought an $87,000 house in today’s dollars. Today, the average buyer has rented for six years, is 32.5 years old and is buying a $140,000 house — and is making just $1,000 more in today’s dollars, $54,000 compared to $53,000.
Zillow recommends Realtors stop saying millennials don’t want to buy homes and help that generation find opportunities available. It could be well worth the effort in future home sales.
