Millennials Home Buying Boom May Be On The Horizon
Millennials may be closer to home ownership and gardening than ever before. In a survey by homebuilder Pulte Group Inc., of renters aged 18-34 with an income of more than $50,000, 65 percent say their intent to buy a home has significantly or somewhat increased in the past year.
Their feelings about how landscaping plays into their future of homeownership, however, isn’t clear. In the survey, millennials rated the following aspects in a new home as extremely important/very important:
- 84 percent said ample storage for daily items
- 76 percent said space for TV, movie, sports watching
- 73 percent said the entry to the home
- 63 percent said outdoor living/deck
- 36 percent said the ability to conduct business from home
In addition to this data, an article by Builder Magazine points out a recent survey conducted for Better Homes and Gardens Real Estate, which found that 56 percent of millnnials said technological capabilities are more important to them than curb appeal.
How Will They Research Their Homebuying Purchase?
When seeking advice about purchasing a home, the PGHI survey revealed that millennials will not only research online, but they will also reach out to real estate professionals and their own parents.
“Millennials really do their homework and use several resources to make this important decision. That’s why there are a variety of ways millennials can get information about a home on our branded websites,” says Fred Ehle, vice president for PulteGroup.
The PulteGroup Home Index (PGHI) survey polled 521 U.S. adult renters ages 18-34 to better understand millennials’ interest and sentiment toward purchasing a home.