Quote of the Day:
"The future belongs to those who believe in the beauty of their dreams" - Eleanor Roosevelt
Millennials are quite possibly the most unique real estate buyers in history. Commonly known life trends for Generation Y include: higher levels of academic achievement, marrying later in life, higher rate of job change, and renting more often than buying. While the first three trends are true, the last trend is unraveling as something more complex. Yes, many millennials are renting regardless of obscenely high rent costs; but the reason is not what people would expect.
The majority of millennials are simply uninterested in starter homes. New trends show that skipping the basic starter home and waiting until their late 20s or early 30s to buy a house with all of the bells and whistles is more common in this group. So perhaps renting is simply the smartest solution when the possibility of major life changes like job switches and relocations are on the horizon. Similarly, because of the increase in higher education, technology, and remote jobs, millennials may rent in different places until they find the ideal neighborhood they want to settle in.
What classifies a neighborhood as “ideal” for this age bracket? Well, for starters, it must be a genuine work/play/live atmosphere. Millennials are dedicated to achieving overall life satisfaction, and environment plays a large role in this. If you are a builder and want to appeal to this distinctive group, condos and townhomes located in bustling neighborhoods and surrounded by restaurants and shops are your best bet.