MILLENNIALS ARE MOVING...WHERE?
Zillow research says new entry-level construction will be located in the suburbs, where the availability of land and fewer zoning requirements make it more cost-effective to build. Economists predict that’s where millennials and first-time buyers will flock to the greater variety of homes at affordable prices.
Rising home prices, a sluggish job market, and an increase in student loan debt made home ownership largely unattainable for many millennials in past years. However, there’s significant evidence that this trend is turning around. For the fourth year a row, the National Association of Realtors’ 2017 Home Buyer and Seller Generational Trends survey found that millennials were the largest group of home buyers.
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| Millennials are growing up, settling down, and having babies. |
Millennials are growing up and settling down. They are having families, which has prompted an increasing demand for larger but affordable homes. Thus, many are flocking to the suburbs, with 57 percent of millennial buyers opting for a suburban location.
What does it mean for Millennials?
If you’re a millennial who has been priced out of urban living or is looking for more space for your growing family, a number of suburbs in our area have a lot to offer. I can point you towards the communities that will be best for you and your family.
And if you’re a suburban homeowner with plans to sell, give me a call. I know how to market your home to millennials … and can help you sell quickly for top dollar by appealing to the growing market!
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| Millennials are flocking to the suburbs. |
While national real estate numbers and predictions can provide a “big-picture” outlook for the year, real estate is local. And as a local market expert, I can guide you through the ins and outs
I'd love to discuss how the trends are likely to impact your desire to buy or a sell a home this year.
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