5 Reasons Millennials Are Buying Homes

<article class="post-672129 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-672129"><span class="entry-date">April 18, 2023</span><div class="entry-header center-block text-center"><h1 class="entry-title">5 Reasons Millennials Are Buying Homes</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=5+Reasons+Millennials+Are+Buying+Homes&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2F5-reasons-millennials-are-buying-homes%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div><img alt="5 Reasons Millennials Are Buying Homes Simplifying The Market" decoding="async" loading="lazy" src="https://media.agentaprd.com/sites/222/20230418-5-reasons-millennials-are-buying-homes.webp" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width="358"/>
<p>In the United States, there are over <a href="https://www.statista.com/statistics/797321/us-population-by-generation/" rel="noopener noreferrer" style="color: rgb(5, 99, 193);" target="_blank">72 million</a> millennials. If you’re part of that generation and have thought about buying a home, you aren’t alone. <a href="https://www.builderonline.com/data-analysis/what-is-the-millennial-mindset-on-owning-vs-renting_o" rel="noopener noreferrer" style="color: rgb(5, 99, 193);" target="_blank">According</a> to <em>Zonda</em>, <strong>98% of millennials want to become a homeowner at some point if they aren’t already.</strong> But why? There are plenty of reasons you may choose to become a homeowner. Here’s why other millennials have made that decision (<em>see graph below</em>):</p>
<p><a href="https://files.keepingcurrentmatters.com/content/images/20230417/20230418-why-did-millennials-decide-to-buy.png" rel="noopener noreferrer" target="_blank"><img decoding="async" src="https://files.keepingcurrentmatters.com/content/images/20230417/20230418-why-did-millennials-decide-to-buy.png"/></a></p>
<p>This graph shows why millennials are buying homes <a href="https://www.builderonline.com/data-analysis/what-is-the-millennial-mindset-on-owning-vs-renting_o?" rel="noopener noreferrer" style="color: rgb(5, 99, 193);" target="_blank">according</a> to <em>Zonda</em>’s 6^th annual millennial survey. The top reasons include building equity, a change in life stage, wanting stability, rising home values, and wanting to make somewhere truly their own. Here’s a look at each in more detail.</p>
<p><strong>Building equity</strong> – Homeownership is a long-term investment that allows you to build wealth, increase your net worth, and become more financially stable. Beyond that, the alternative to owning a home is typically renting. With the way rents have risen so dramatically over time, it may make sense to build your own equity instead of the equity of the person you’re renting from.</p>
<p><strong>A change in life stage</strong> – As a millennial, you’re reaching your prime homebuying years. That means you may be at the point where you need more space or a different location.</p>
<p><strong>Stability or settling down</strong> – This could mean establishing your career or just generally deciding more concretely what you want your life to look and feel like. As that idea becomes clearer, you may want to establish that lifestyle in a particular place and put down roots.</p>
<p><strong>Rising home values</strong> – By purchasing a home, you own an asset that traditionally increases in value over time. That can mean your home will have a higher resale value if you decide to move again.</p>
<p><strong>Wanting to make somewhere “mine”</strong> – Owning a home gives a sense of freedom because you can customize it however you want, make updates as you see fit, and be yourself in a place that’s solely your own.</p>
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<p>There are plenty of great reasons why millennials are buying homes today. If you’ve thought about becoming a homeowner and any of these reasons resonate with you too, partner with a trusted real estate agent to explore your options.</p>
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