Introduction
I’m sure you’ve noticed that there’s a lot of talk about Millennials these days. They’re the generation born between 1982 and 2000, making them 21 to 37 years old today. In fact, there are more Millennials than any other generation in history. They already have the largest population of any generational group in America with 78 million people! So if you’re wondering why this is important for real estate, it’s because this large demographic is about to enter their home-buying and selling years. The primary concern for many Millennial homebuyers is affordability; however, they tend to be attracted to urban areas with lots of restaurants and nightlife options nearby so they can save on gas or public transportation costs while still having access to cultural events like concerts or plays at local theaters, etc.. Make sure you are aware of the other Need to Know About Items for Richmond, VA, including 2024 Real Estate Supply and Demand, and 2024 Real Estate Interest Rates.
The Largest Generation in History
The largest generation in history is also the most diverse. Millennials are more educated than any previous generation and they have access to more information than ever before, which means that they can make informed decisions about their finances, careers and real estate purchases.
Millennial homebuyers care about sustainability as well as affordability when it comes to buying a home–they want to know how a house will impact their environment and whether or not it fits all of their needs. For example: if you’re going through an energy crisis where your electricity bills are skyrocketing every month but there aren’t many jobs available nearby then maybe moving somewhere else might be best for both parties involved (you/the seller).
They Continue to Move Towards Their Home-Buying and Selling Years
Millennials are a force to be reckoned with in the housing market. They’ve been buying homes for the last decade, and they’re only going to continue their buying power as they age. The average age of first-time home buyers is 31, while second-time home buyers are 37 years old and third-time buyers are 45 years old on average.
Millennials are also more likely than other generations to rent rather than own homes–but this doesn’t mean they won’t buy in the future! In fact, many millennials are planning on buying soon: 54% say they plan on purchasing within five years; another 16% plan on doing so within two years (according to Trulia).
Millennials Will Continue to Drive the Real Estate Market
The millennial generation is the largest in history and continues to move towards its home-buying and selling years. As millennials continue to make up an increasing share of the market, we will see corresponding shifts in the real estate market with their different approach.
We’ll See Corresponding Shifts In The Real Estate Market
Millennials are the largest generation in history, and they continue to move towards their home-buying and selling years. They will continue to drive the real estate market with their different approach to purchasing homes.
This Generation Is Known for Valuing Experiences Over Possessions
Millennials are known for valuing experiences over possessions. They want to be able to share their experiences with their friends and family, remember them and retell the stories over and over again.
That’s why they’re more likely than other generations to purchase travel packages or attend sporting events as a group rather than buying individual tickets; they also tend to prefer renting homes instead of buying homes because it allows them flexibility in where they live (and saves money).
Drawn To The More Urban Areas
Millennials are more likely to live in urban areas. They’re also more likely to live in cities with restaurants and nightlife, as well as cultural events.
In fact, according to the National Association of Realtors’ 2019 Home Buyer and Seller Generational Trends Report, nearly 75% of millennials said they would prefer living in a city over suburbia or rural areas because they enjoy being close to work and entertainment options (like restaurants).
Keep this demographic in mind when buying properties
As the largest generation in history, millennials are an influential group and will continue to drive the real estate market. This demographic is entering their home-buying and selling years, so it’s important for you to keep them in mind when buying properties.
If you’re interested in learning more about how this demographic will affect the housing market going forward, contact us today!
Conclusion
The real estate market is always changing, and it’s important to keep an eye on new trends. In this case, we’re looking at how Millennials will affect the housing market in 2024. As we’ve seen from previous generations, there are many ways in which this demographic can affect your property value or rental income. So if you want your investment to last through multiple decades? Then it might be wise for us all to embrace our inner hipster!
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