Buying a home remains a key part of the American dream but for many younger buyers it's mainly a numbers game
Buying a home remains a key part of the American dream but for many younger buyers it’s mainly a numbers game.
With rents rising in many markets, 23% told Realtor.com it was the main trigger for them becoming first-time buyers. This was the largest share for any answer among millennials and ties in with rents rising in 85% of the top 100 metros according to HUD data.
The survey also found that there are some clear differences between homebuying preferences among the generations, although some classic features are universal.
"For instance, older buyers are concerned with privacy and being able to age comfortably, while millennials place more emphasis on family needs, stability, and personal expression," said Danielle Hale, chief economist for realtor.com®.
The poll was carried out among active buyers in March and reveals that 93% of all respondents want at least 2 bathrooms and 44% want a 3-bedroom home.
While privacy was the top requirement for older buyers (55+), millennials (18-34) prioritize family needs.
Among the 89% of millennials who expressed a home-style preference contemporary and colonial homes took the top spots, each favored by 10% of respondents.
Ranches are the most popular home style for buyers 55 and older (28%) followed distantly by contemporary homes at 12%. Only 6 percent of millennials favor ranch homes.
