Sage Realty, LLC Real Estate Agents Explore Trends of the Millennial Generation in the Home-Buying Marketplace
According to the American Housing Survey, the average age of the first-time home buyer was 32 years old. While this number might seem high compared to previous decades, it is difficult to deduce why this is the case.
Unlike the Baby Boomers or Generation X, Millennials have a completely different outlook on the world and do not place the same value on owning a home as their parents and grandparents possibly once did.
There are two common types of Millennials:
- The Millennial Saver
Millennial Savers prefer to stay at home after they graduate. With little money, and few vocational prospects, the Millennial Saver will sometimes use assistance from family money, while saving their own, before they can afford to move out.
- The Independent Millennial
The Independent Millennial, on the other hand, will move out the first chance that they are able. While some Independent Millennials still receive a source of income from their parents, others become burdened by a financial hole by rent and other debt.
While both of these groups of Millennials choose different ways of life, neither can really afford to purchase a home until they reach their 30s in today’s economy. Statistics also found that the median price of these “first-time” homes was $168,000 – a fairly low number compared to previous decades.
Somewhat uninterested with the prospect of a house, Millennials save money by living at home and traveling by bike or public transport. To find out more about recent trends to the real estate industry and who is currently purchasing homes for sale, visit the Sage Realty LLC website today at https://www.findahomeinpa.com/.
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