In the Consumer Housing Trends Report 2016 the Zillow® Group covered the multi-faceted Millennial.
I found the report enlightening, debunking some of the myths about millennials, and uncovering that I may be a Millennial at heart.
Zillow stressed the importance of home and community for millennials. According to the report millennials under the age of 25 see their home “as a reflection of themselves rather than a financial investment”. This is unlike the older Baby Boomer generation who sees their home as a financial investment and avenue to build wealth for the future and for their family. In addition, more than 55 percent see themselves as involved in their community. They are active in their neighborhoods and the surrounding areas, not so much unlike my Baby Boomer friends.
Zillow confirmed that millennials are “delaying many life milestones that precede home ownership.” They are completing their education, marrying and starting a family later in life, and as a result renting further into their adulthood. Here are the stats Zillow revealed:
- Two-thirds of millennial buyers concurrently consider renting while shopping for a new home.
- One in three Millennials seriously consider renting.
- When Millennials buy they “leapfrog the traditional “starter home” and jump into the higher end market by choosing larger properties with higher prices, similar to homes bought by older buyers.”
- They pay a median price of $217,000 – more than Baby Boomers and 11 percent less than Generation X.
- The Millennial median home size is 1,800 square feet – similar in size to what older generations buy.
The report also debunked the myth that Millennials are only urban dwellers. According to the report:
- One quarter of Millennial homeowners live in an urban area.
- Nearly half of all Millennials live in suburban communities.
- 8 in 10 adults under 25 living outside an urban core.
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Zillow® Group Consumer Housing Trends Report 2016