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Forget the notions of Millennials doomed to rent forever. A new Bloomberg report says it’s not uncommon for Millennial first-time buyers to spend big—even millions—for their “starter homes.” Just two years ago, Millennial homeownership remained at a record low, according to Business Insider. Now, the generation is hitting the housing market, specifically in more affordable metros, such as Austin, TX and Aspen, Colo. One Sotheby’s International Realty executive says it’s not uncommon for a Millennials’ first home purchase to be a multimillion-dollar luxury home. Business Insider says Millennials have had time to save up during the pandemic, which allows them to skip the typical starter home.
Young professionals have been snapping up homes at record rates and prices during the pandemic in places like Texas, Florida, and Colorado, partially thanks to the rise of remote work.
"Millennials are thinking about their overall lifestyle," Nelson told Bloomberg. "It's propelled these second-tier markets into the top of the interest list."
Myth No. 2: Millennials are all broke
Many millennials are indeed broke.
Some may be dropping millions on their first homes, but a major generational wealth gap means that others are barely scraping by - particularly during the pandemic, as Hoffower recently reported.
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