Millennials, also known as Generation Y’s and real estate go together like bread and butter. Millennials, are people born between 1977 and 1994, reaching adulthood by the early 21st century. They have grown up in a fast-paced, electronics-filled world with an emphasis on social networking and the internet.
They are tolerant of differences, politically and religiously unaffiliated, ethnically diverse with a high tendency to be confident. Confidence is typically a positive trait. However, Millennials are often considered narcissistic and entitled.
While Millennials may seem free-spirited and uninterested in settling down, they have become the largest group of home buyers. According to a Zillow Group report, Millennials represent 45% of all purchase loans. Seventeen percent of all Millennial homes are being purchased by single women, a trend never seen before.
Why Millennials are Becoming HomeOwners
Millenials are known to have an independent streak and want a place they can call home.
- Millenials want to call the shots and paint the walls the color they desire or have the pet they have always wanted. In fact, 33% of all Millennial homebuyers decide to purchase a home because of their dog. Homes may have big yards allowing their dogs plenty of space for exercise and fun.
- They do not want to conform and buying a home allows them the freedom to create the home of their dreams.
- Privacy and security are top concerns of Millennials and owning a home allow them to secure their home in the way they see fit. Feeding into their comfort with technology, cameras or high-tech security cameras can be installed without permission from a landlord.
- While renovating to their own likes is a huge incentive to owning their own homes, Millennials also enjoy living in safer parts of town and owning a bigger or ‘nicer’ home.
- While typically religiously and politically unaffiliated, Millennials want to be part of their community. They prefer to be civically involved, so, owning a home in a tight-knit community allows them to be involved, giving them a sense of community and belonging.
- Millennials consider owning a home more sensible and sound than renting for both financial and lifestyle reasons. They see owning as an investment or a savings account where they can borrow from if necessary, in the future. Owning also gives them a secure location and safe place to marry and raise a family.
Millennials crave freedom and control. Control of living space, privacy and security, financial security and living in a pleasant home makes buying a home a popular option for Millennials.
Are you a Millennial looking to purchase property in South Florida? When you are ready to buy or sell a home, Florida National Title can help.
Florida National Title Services
Florida National Title Services provides expert title services. When you are renting, we can help with every step of the way. Florida National Title has years of experience guiding Florida homebuyers through the real estate purchase and refinance experience and have helped them solve the problems that come up in the process. We will decipher the “legalese” and explain what we need and why we need it each step of the way. The blogs to follow will address specific issues to guide buyers to understand the process better and to help them avoid many of the pitfalls. Call us at (561) 408-0729 or visit our website.
Florida National Title Services, LLC
250 S. Central Blvd., Suite 101
Jupiter, Florida 33458
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