Millennials Home Buying Boom May Be On The Horizon

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.

Leave a Reply

mack k says:

18-34 with income of more than $50K? Who? Where? Most I know in that group still live at home with their parents because they can't afford rent and a car. That age group can't even afford college student loans; how will they afford homes?

Brittany says:

My husband and I fit in that age group with a combined income of over $70K (although we do have two kids so savings is non existent). The only way we would be able to buy a home is if there were loans requiring no down. Otherwise, it's not even in the cards.

Sid Raisch says:

Stats can be distracting. And what people say they will do has some correlation to what they actually do, but let's watch. 44% think curb appeal is more important than technological capabilities. What is technological capabilities anyway? Access to high speed Internet I can see being important. They'll set up wireless and connect to it. When push comes to shove that first impression will mean more than they think.

Jim says:

Not sure where they are getting their information. How in the world can this segment of the population be in any position to be upwardly mobile? Faced with repaying college debt (if they had gone to college) and the doubling of the interest rate on these loans which went into effect July 1, the declining job market, the constant movement of companies moving off shore, the possibility of the immigration bill passing and forcing wages even lower and with the exponentially expanding national debt how are they going to even consider buying a home. Interest rates are beginning to rise at this time and it appears there is another bubble forming in the houseing market. Another consideration is that the sustaainablity movements wants everyone to live in high rise sack'em and pack'em units in the inner city this could be just a pipe dream. Even if these young people could buy a house it is hard to believe that they would give much consideration to landscaping the property. When was the last time you saw a young person outdoors? It seems to me that they are all glued to the boob tube or computer!!!! I pray I am wrong but things are not looking good when you stand back and look at the big picture.