The investment bank Goldman Sachs put out an interesting report on Millennial first time home buyers. The report looks at a number of the big picture trends that this generation is driving. Housing, marriage, purchase power – they are all included and I wanted to pull up a few of the slides and share them.
Millennials Want To Be First Time Home Buyers
There have been some reports over the last few years that Millennials are happy renting and that they will never buy. This reports refutes those ideas with data. More than any other age group Millennials want to buy houses. 93% of Millennial renters want to own. That is a lot of first time homeowners!
Home Ownership Is Important To Millennials
Anyone who says that home ownership is not important to the easy going Millennial generation is wrong! Owning a home is REALLY important to them! The data shows that 70% of Millennials think that buying and owning a home is something that is very or somewhat important to them.
Lots of Buying Power
With more student debt and lower wages what we have here is a lot of small buying power. Millennials are better positioned to buy affordable first homes as rents surge yearly, a trend I do not see changing in the next few years. Helping them find something that is right for them will be a challenge for realtors for the next 5-15 years.
To give Millennials great service we need to be ready to use new technology, be always on, and flexible with our approach. They will want to move fast once they find the house of their dreams. Our team is ready for the next generation of home buyers.
Hey Cincinnati Millennials – lets find a house together! Contact me via social media, or use your phone to txt or call me.