Millennials: Do You Need a Home with More Space?

<article class="post-201825 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-201825"><span class="entry-date">February 28, 2022</span><div class="entry-header center-block text-center"><h1 class="entry-title">Millennials: Do You Need a Home with More Space?</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=Millennials%3A+Do+You+Need+a+Home+with+More+Space%3F&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fmillennials-do-you-need-a-home-with-more-space%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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<p><img alt="Millennials: Do You Need a Home with More Space? | Simplifying The Market" class="webfeedsFeaturedVisual wp-post-image" decoding="async" link_thumbnail="" loading="lazy" sizes="auto, (max-width: 549px) 100vw, 549px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2022/02/24162645/20220228-KCM-Share-549×300.jpg" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2022/02/24162645/20220228-KCM-Share-549×300.jpg 549w, https://files.simplifyingthemarket.com/wp-content/uploads/2022/02/24162645/20220228-KCM-Share.jpg 750w" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" width="358"/></p>
<p>If you’re a millennial, homebuying might be top of mind for you. Your generation is the largest group of homebuyers in the market today and has been since 2014, according to the <a href="https://www.nar.realtor/research-and-statistics/research-reports/home-buyer-and-seller-generational-trends"><em>National Association of Realtors</em></a> (NAR). And while other millennials are looking to buy for the first time, you may be one of the many who are now discovering you’ve outgrown your home.<span id="more-46085"></span></p>
<p>If that’s the case, you’re not alone. The past two years brought about significant changes for many people, and today, homeowners are reevaluating what they truly need in a home. As a recent report from the <a href="https://www.wsj.com/articles/millennials-are-supercharging-the-housing-market-11639496815"><em>Wall Street Journal</em></a> states:</p>
<blockquote>
<p><em>“They say the pandemic and the emergence of remote work accelerated millennial home-buying trends already under way. . . . <strong>Millennials who already owned homes traded up for more space</strong>.”</em></p>
</blockquote>
<p>So, if you’re working <a href="https://www.simplifyingthemarket.com/2022/02/04/how-remote-work-impacts-your-home-search-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2">remotely</a> now or simply have a growing need for additional space, it may be time to move. And even if you purchased your current home sometime over the last few years, you can still move into a different one that has the space and features you’re looking for. That’s because there’s a good chance you have <a href="https://www.simplifyingthemarket.com/2021/12/21/the-average-homeowner-gained-56700-in-equity-over-the-past-year/?a=712984-fa409495d5d70154d03a25e81e9540e2">more equity</a> than you realize. As Diana Olick, Real Estate Correspondent for <em>CNBC</em>, <a href="https://www.cnbc.com/2022/02/03/housing-wealth-is-setting-new-records-for-both-owners-and-sellers.html">notes</a>:</p>
<blockquote>
<p>“<strong><em>The stunning jump in home values over the course of the Covid-19 pandemic has given U.S. homeowners record amounts of housing wealth</em></strong><em>. . . . Even homeowners who weren’t listing their properties for sale were gaining equity. About 42% of homeowners were considered equity-rich at the end of last year, meaning their mortgages were half or less than half the value of their home</em>.”</p>
</blockquote>
<p>Growing equity can be the key you need to fuel your next move, especially if you’re looking to purchase a larger home. When you <a href="https://www.simplifyingthemarket.com/2022/02/16/more-people-are-planning-to-buy-a-home-soon/?a=712984-fa409495d5d70154d03a25e81e9540e2">sell</a> your current house, the equity that comes back to you in the sale can be used toward the <a href="https://www.simplifyingthemarket.com/2022/01/03/how-much-do-you-need-for-your-down-payment/?a=712984-fa409495d5d70154d03a25e81e9540e2">down payment</a> on your next home.</p>
<p>In other words, your purchasing power may be greater than you realize, making a <a href="https://www.simplifyingthemarket.com/2022/01/18/sellers-dont-wait-until-spring-to-make-your-move/?a=712984-fa409495d5d70154d03a25e81e9540e2">move</a> to a larger home a realistic option. <strong>That, plus your changing needs, might make </strong><a href="https://www.simplifyingthemarket.com/2022/02/01/why-a-move-could-bring-you-more-happiness-this-year/?a=712984-fa409495d5d70154d03a25e81e9540e2"><strong>moving</strong></a><strong> now more desirable than ever.</strong></p>
<h3><strong>Bottom Line</strong></h3>
<p>If you’re a millennial thinking about moving this year, you’re not alone. Let’s connect today to discuss the equity you have in your current home and the opportunities it can create.</p>
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