Connecticut Valley Homes

Connecticut Valley Homes

Sunday, February 15, 2015

Millennials as Homebuyers

Source - www.eldorrado.com
For generations, a large part of the American Dream has included capturing the opportunity of becoming a homeowner. The feeling of achieving an investment that one can call their own is highly sought after. Is this desire universal, though? There seems to be a growing curiosity to understand whether or not millennials, too, envision home ownership within their future plans.

Recent research reveals that millennials, just like preceding generations, include homeownership within their realm of the American Dream. Although they also wish to achieve this goal, that does not mean that they put emphasis on the same ideas of homeownership as the generations before them. They, of course, have defined their own vision.

Millennials are becoming first time homebuyers, especially because, in many cases, it is cheaper to buy than rent. For this reason, many millennial homeowners invest in the "fixer-uppers" on the lower end of the price spectrum.

With that said, "the bigger, the better" is not always true within the millennial generation. In most cases, millennials' home sizes fall below 2,000 square feet. To be exact, 68% of millennials prefer to live in homes 2,000 square feet or smaller. They are a seemingly modest generation. Perhaps the reason for this is because they are more interested in spending their money on experience based extracurriculars such as traveling. This could also be a contributing factor to their dedication to those homes requiring some extra elbow grease and TLC. All in all, millennials are willing to give up a little for an overall more wholesome lifestyle.

While we are ferociously curious about this generation, millennials too possess similar future-building ideals as the generations before them. They may have their own way of doing things, customized to their lifestyle aspirations, but millennials do envision homeownership within their big picture of the American Dream.  

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