Millennials are slowly on the rise when it comes to purchasing homes. With this past year and 2017 prices continue to rise and inventory is at a low, leaving millennials subdued and unable to leave their affordable situations. According to NAR Report (Home Buyer and Seller Generational Trends Report), millennials are the share of home buyers at 36% and 34% in 2017.
The three most important factors to home buyers when choosing a neighborhood continue to be the quality of neighborhood at 58%, convenience to a job at 42%, and overall home affordability at 39%. The Home Buyer and Seller Generational Trends report also state due to the housing market and the low inventory conditions pushed home prices out of reach for many and as a result, millennial buyers remain at an underperforming level.
Millennial buyers with at least one child continue to grow yearly at 52% in this year’s survey and up from 49% in 2017. This factor influences the size and affordability of a home with 52% of millennials having to purchase in a suburban location and Gen X choose small towns.
Most home buyers regardless of generation continue needing real estate agents. At a whopping 90%, millennials were most likely to purchase a home through real estate agents for their insight and knowledge and 84% of other generations worked with realtors.
If you are in the market for a new home on Staten Island, Martino Realty can help you find the home you can afford and love! We also offer a free market analysis of your current home. Contact us at (718) 608-9400 or visit us at 7448 Amboy Road Staten Island, NY 10307.