Dawn (253) 307-6438
Brandon (253) 732-0778
Why are Millennials the leading homebuyers in the country?…
Are Millennials Buying Homes?
As a mom of two millennial kids I can say that I am very concerned about the potential for their friends to buy real estate in the near future. My son is fortunate, because he has been a Realtor for the past 6 years and has worked very hard to put himself in a position to buy a home. Our daughter however took a different route in life. She has always wanted to be an architect and went through college to achieve her masters in her chosen field.
My concern is that our educated college graduates will have so much debt in student loans that they will not be able to afford to buy for quite some time. My daughter had this fear but recently got married and with two incomes now, they are fortunate enough to have been able to buy their first home. My son has now purchased his second home and ended up with $150,000 of equity that he had built up in the first home he purchased. Owning a home is still a very good plan for wealth goals, plus the many other benefits.
Millennials are currently the leading homebuyers in the country, but it’s probably not for the reasons you think. The vast majority of millennials are purchasing their first homes because of their furry friends. Yes, you guessed it… their dogs! A Harris Poll discovered that the vast majority of millennials are buying their first homes because of their furry friends, rather than the traditional reasons like, getting married and/or having a child.
According to this poll, 33% of millennial home owners said that their reason to buy a home was because they truly wanted to own a dog. Additionally, 42% said that a dog was at least part of their decision making process, if not completely the reason.
How about marriage and babies? Well… 25% of millennials said that marriage was their sole reason for wanting to buy a home and 19% said that the birth of a child was their main reason. Both of these reasons fall below the 33% that said it was specifically so they could have a dog. We here at John L. Scott Northwest have heard these same comments from the millennials that we have worked with and currently are working with. We hear it all the time, “We need a home that is fenced for our dog” or similar comments like that.
Polls are showing that Millennials are buying homes in even-greater numbers than in that past. Of all the US Homes sold in the past year, 36% of them were bought by millennials, which makes them a vital and growing group in our housing industry. It is expected that this percentage will continue to grow as well.
Our passion on the Heilbrun Home Team at John L. Scott Real Estate is to help as many millennial’s as we can to achieve home ownership. I own a local John L. Scott Real Estate office in Pierce County, Washington and in seeing the struggle of our young millennials I have a true passion to help them. If you know of a millennial yourself that is struggling with this and would like some free advice please have them call me at 253-307-6438. We can help put them on the path to home ownership and wealth building through home ownership.
Your friends at John L. Scott, Orting,
Dawn Heilbrun, Owner
253-307-6438
The Heilbrun Home Team
John L. Scott, Orting
www.dawnh.johnlscott.com
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