Daily Real Estate News | Friday, August 07, 2015
A recent TD Bank survey of 1,002 adults found that just under half of millennials will be looking to purchase their first home over the next two years. Millennials, those aged between 25 and 34, already make up the largest share of home buyers at 32 percent, according to the National Association of REALTORS®.
“It’s surprising because all we keep hearing is that [millennials] don’t want to buy homes, that they’re the renter generation, but that’s just not true,” says Jessica Lautz, NAR’s director of survey research and communications. “They are the most optimistic that their home purchase is a good investment.”
“Unlike other generations, the millennials did not experience the housing crisis firsthand so they’re not being deterred,” Lautz says.
Millennials are also showing a desire to buy properties that are in need of work and to tackle home improvement projects. Millennial home owners are just as likely to renovate as previous generations, with 62 percent saying they have renovated and 58 percent saying they’ve made repairs to their homes, according to a June report from Houzz, a remodeling and design site.
“Millennials are embarking on projects because they’re likely to have recently purchased a home and are customizing it to their needs,” says Nino Sitchinava, principal economist at Houzz. Younger generations are being drawn to do-it-yourself projects, which can help make remodeling more affordable too, Sitchinava says.
Source: “Why Millennials Are Dominating the Housing Market,” U.S. News & World Report (Aug. 5, 2015)