Millennial homebuyers are starting to take the real estate market by storm. Previously, it was thought that millennials weren’t eager to pursue the American dream of owning a home. In a surprising twist, in the next five years alone, it’s projected that 66% of millennials will be buying homes. How else are they changing real estate as we know it?
Fixer-Uppers Are the Name of the Game
Millennials aren’t afraid to get their hands dirty in order to get a great deal. Studies show that millennials want to buy “fixer-uppers” so they can avoid some of the mortgage debt that they’ve witnessed from their parents. They’re also interested in experiencing the feeling of building with their own hands and customizing their homes.
Technology Plays into It
Millennials are more likely than other generation to shop for homes on their devices using websites and apps to narrow their choices. Only then will they spend the time and gas viewing the homes in person. Once they’re in, millennials are more apt to purchase smart home appliances and use devices to streamline their lives.
Long-Term Strategies Count
Millennials are thinking of the long term. They know the value of safe neighborhoods, good schools and short commutes, and they’re willing to move to where those things exist. Millennials don’t seem to be interested in living a life of moving again and again. Instead, they want to settle in one place and make roots that last.
Big Cities Have Lost Their Luster
Millennials are eschewing the glamour of the big cities in favor of places that offer small town charm, hospitality and friendliness like so many in Illinois. The hustle and bustle—and expense—of big city life just doesn’t attract millennials like it has other generations.
Green Living is Paramount
Millennials feel a need to preserve natural resources for future generations. They’re more likely to go green whenever possible, including using solar energy, having a vegetable garden and outfitting their homes with eco-friendly materials.
Millennials are changing the landscape of real estate in positive ways. Their intentions will help reduce American debt, instill community values and build neighborhoods that have a lasting legacy.
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