Millennials make up the majority of the real estate buying power today. More millennials are converting to homeownership daily. Here are some reasons driving the millennials to make this crucial decision.
Millennials claim they have more control of their living space owning a home than renting. They dream of the day they would purchase their first home and style it to their desires. Renting has its challenges when it comes to decorating and styling the space. They look forward to smaller things like painting the walls to their liking or renovating an outdated part of their living space.
Another reason is the freedom to have pets. Not all rentals allow pets; therefore, many millennials have waited long to pick out their “furever” friend. Owning a home certainly gives millennials the freedom to make these choices.
Also, security can sometimes be a challenge when renting. Millennials feel a sense of privacy and security by owning a home. Millennials believe in a smart home and like to secure it how they see fit. By owning a home, they feel secure having control over who has access to their home.
In addition, when millennials purchase a home, they have the freedom to choose to live in a nicer home or renovate it to their desires. The open concept home is appealing to millennials who have children or are planning a family. Plenty of areas for the kids to play and an attached living room, dining room, and kitchen attract the millennials. Owning also allows them to accommodate a growing family. With more remote work culture, millennials can ditch the city life and look for more suburban areas. States like North Carolina and Georgia have seen an influx of incoming millennial home buyers.
Millennials also look for community involvement. They are very interested in the sense of community and neighborhood quality. Owning a home gives them the freedom and opportunity to be more civically involved. With a growing family, they want to interact with and give back to the community. A Fannie Mae survey states that belonging to a community and a neighborhood is more important to the millennials than the generations before them.
Also, millennials feel that owning a home provides them with the flexibility to make future decisions. The majority of millennials consider owning a home a more sensible investment than renting for financial stability and lifestyle reasons. Owning a home allows them to use their monthly cost as a savings account that can be used in the future. This option allows them financial stability during uncertain times.
Millennials choose to wait and make smarter decisions when purchasing a home. Styling a home to their comfort, safety, community involvement, and the flexibility of making future decisions are essential reasons driving the millennials to buy homes.
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