When it comes to the homebuying process, a generational shift is underway, and Millennials are changing the market...
Oct. 14, 2024
Image: Prostock-studio / stock.adobe.com
Like previous generations, Millennials are affecting the nature of the homebuying process as more Millennials enter the market.
As Millennials have aged into homeownership, the generation has experienced its share of challenges, including elevated home prices, income inequality, high mortgage rates, and more. These challenges ultimately affect the way Millennials think about where to purchase a home as well as the way they want to engage in the homebuying process, according to Investopedia. In fact, because technology is so central to the homebuying process for Millennials, this generation has left a lasting impression on the housing market in the way they use tech in their hunt for housing. Millennials are also thinking differently about homebuying than previous generations.
Millennials are the generation that's most likely to care about finding housing close to where they work: 41% of those younger Millennials and 38% of older Millennials listed commuting costs as very important when considering where to live, while 62% of younger Millennials and 53% of older Millennials listed a convenient location in terms of their job as an important factor when picking a neighborhood. Fifty-five percent of younger Millennials and 43% of older Millennials, meanwhile, listed overall affordability as important.
