Millennials are buying homes. They just waited a little longer to do it.
“There was a misconception that millennials were not interested in home ownership,” says Jennifer Sullivan, a Sales Associate at ERA Justin Realty, “They’re proving that wrong.”
Data from the National Association of Realtors shows the average age of the first-time homebuyer is currently 33, four years older than the average first-time buyer in the 1980s and 1990s. Odeta Kushi, Deputy Chief Economist for First American says millennials delayed homeownership because they put off other things, too. “Historically,” he says, “millennials have delayed the critical lifestyle choices often linked to buying a first home, including getting married and having children, in order to further their education.”
Now, millennials are ready to move on… and move in. The 2020 U.S. Census shows growth in homeownership for people born between 1981 and 1996. “Now that they’re out of school and climbing the ranks in their jobs, millennials are ready to settle down,” says Jennifer Darby Metzger, Broker/Owner at ERA Justin Realty, “They’re the largest generation. And their demands are showing in the real estate market.”
Millennials want some of the same things their parents did, like space and location. But their home-buying checklists have some other specifics. “Millennials often ask for open-concept with updated kitchens. They want that large center island with a built-in microwave, maybe a wine cooler,” says Sullivan, “They also often ask for a second-floor laundry room and, of course, home office space.”
“Smart home technology, like automated lights and heating, is a big plus, too. Millennials are at their peak home-buying stage,” says Darby Metzger, “and Gen Z isn’t far behind.” Younger generations are expected to drive the market for years to come. If you are interested in the path to home ownership, contact Jennifer Sullivan or any agent at ERA Justin Realty by calling 201-939-7500.