Millennials (ages 21 34) dubbed as the generation of renters, have contributed to the rental market significantly over the past few years as they left the nest to live in the city closer to work or public transportation. Although the city provides amenities like bars, clubs, public transportation, and shops, a recent analysis from Realtor.com reports that millennials are migrating to homeownership proving skeptics wrong.
This past August, 65 percent of millennials have searched websites and apps for homes, and in a focus group, it was proven that they are 70 percent more likely to buy a home than the average adult (ages 34+). In our previous blog, we reported strong home-buying activity in August- partially due to Millennials seeking affordable housing. Also, from July, the first time homebuyer rate jumped almost 5 percent. Millennials have proven their worth as being the group to succeed in the job market when the recession hit, and they are working hard to build credit and a new worth. They are now entering a time in their lives where their futures are in mind. Those who claim that Millennials are the generation of renters are certainly mistaken as they are more and more transitioning from renting to buying.
Sources: Realtor.com, World Property Journal