There’s no denying that the real estate market has changed over the years due to the millennial generation. The millennial generation contributes the most to the home buying market in the current times.
It’s well known that this generation is late to buy their own homes compared to the previous generations. Indeed, it is quite common for parents to comment how this generation prefers to rent rather than own a home. However, if we dig deeper, the reality is different.
Previous generations had a relatively easier time affording a house. In reality, Millennials are pretty keen to buy their own homes. But they have to face a lot of financial challenges before they can achieve the feat. They have student loans and credit card debts to take care of. All this hinders their path to save money for the down payment. The cost of education, living, and housing has increased significantly in the past few years, aggravating the problem.
However, the Millennials have risen to the challenge and are now set to revolutionize the home buying market. While previous generations had to look for realtors and rely on yellow pages to buy homes, the Millennials have found other solutions. According to statistics, nearly 81% of Millennials found their property via a mobile app. Hence, the real estate industry is now forced to make the most of this technology if they want to attract this generation their way.
Furthermore, this generation prefers optimized homes with spaces for working out and meditating. They want an eco-friendly environment and aren’t willing to settle for anything less.