A new survey by Zillow is challenging assumptions about first-time home buyers. In a 2016 survey of 13,000 home buyers and sellers, Zillow found some surprising results that debunk a few notions about Millennials and home buying. Here are the highlights!
Half of 2016 home buyers have been Millennials. The average age of today’s home buyer is 36, according to the study.
Millennials prefer to live within a 10-mile radius of friends and family. About two-thirds say that being near friends and family is an important factor when deciding where to live. Interestingly, Baby Boomers are willing to live farther away, accepting homes within a 20 to 30 mile radius of friends and family.
Millennials like to share their home buying journey. Because friends and family are important to Millennial home buyers, they don’t mind bringing their parents and a carload of friends along when touring homes for sale. The more the merrier!
Millennials have the same home buying motives as Gen X’ers and Boomers. These include a desire for home ownership, job-related relocations, a desire for more living space, and changes in household structure.
Personal referrals are the preferred way of finding an agent. 32% of surveyed buyers found their agent through a personal referral. 28% of buyers found their agent themselves by searching online.
While Millennials have been challenged by rising home prices, student debt burdens and other economic forces, they appear to be gaining ground as home buyers. Now that Millennials represent the largest generational demographic in the U.S., surpassing Boomers, we can expect them to further shape home buying trends and home ownership patterns in the future.
StartingPoint Realty – helping first-time Chicago home buyers!
StartingPoint Realty serves first-time home buyers throughout Chicago and the Northwest suburbs. We provide education and guidance during the entire home buying process!
Be sure to attend a free home buying seminar to learn about Chicago home buying! There’s no sales pitch, and no obligation. Always feel welcome to contact us for help with your Chicago home buying questions!
Ryan Gable Broker/CEO Starting Point Realty
Become a StartingPoint Realty Facebook Fan
Follow StartingPoint Realty on Twitter