Millennials have a lot on their plates. Average student loan debt is hovering around $30k upon graduation with a bachelor’s degree, the job market is tough, and wages have been stagnating for the last several decades. The paycheck-to-paycheck lifestyle has become commonplace for many.
This makes saving for a down payment for a house an exceedingly difficult task – 23% of millennials report that saving up for a down payment is the hardest part of buying a new home, compared with just 13% of buyers in general. Once that down payment is spent and a home is purchased, there is little money leftover to do repairs, and that may be the case for quite a long time. These hard economic truths are behind the new statistics showing that millennials are changing the housing market.
Millennials are the single largest group buying homes right now, and their struggles are making an impact on the housing market. They want homes that are turnkey and move-in ready with updated appliances, kitchens, and bathrooms. They aren’t going to be able to make those changes on their own for quite some time. Millennials also want their homes to be as energy efficient as possible, not only to save the Earth but also to save money.
Learn more about millennial home buyers from this infographic!