The COVID-19 pandemic has made nearly half of millennial home shoppers speed up their home buying timeline, according to a recent realtor.com® and HarrisX survey of 2,000 home shoppers who plan on purchasing a home within the next year. Data shows the largest generation in U.S. history is prepared for a competitive market and they aren’t above receiving financial assistance from family or friends to make their home buying dreams a reality.
“If there is any silver lining to the current economic landscape, it’s that mortgage rates are hanging around record lows. With little to no equity to leverage, millennial home buyers tend to take out larger loans. Historically low rates are making this more manageable, even with rising home prices,” said Danielle Hale, chief economist at realtor.com®. “Additionally, shelter-in-place orders helped many who were fortunate enough to keep their jobs save for a down payment — one of the largest hurdles of buying a home. The combination of low rates and the opportunity to save is enabling many millennials to move up their home buying timeline.”
COVID accelerates millennials’ plans to purchase a home
Millennials are taking advantage of virtual home search techniques
Millennials are ready for some competition
Millennials are tired of their homes and they want room to grow a family
More than half of millennials reported they are looking for a home below the U.S. median home price of $350,000
Most millennials aren’t trying to move very far
The largest generation in U.S. history
Millennials are the largest generation in U.S. history, surpassing Baby Boomers. They were born between 1981 and 1997. For the last 5 years, they have been the dominant buying force in the market.
Media Contacts:
Cody Horvat, cody.horvat@move.com