Millennials have been a hot topic in the real estate industry for a variety of reasons. From student loans to general changes in priorities, millennials have been buying property in smaller numbers compared to the generations that came before them. It's time to look into millennial home buying facts to separate truth from fiction.
Key Millennial Myths
Here are just a few ways that myths manifest in today's culture. People may believe one or all of the following, even if the evidence doesn't support it.
- Millennials don't want space
- Millennials don't want to own
- Millennials buy and sell property on their own
- Millennials are not as wealthy as other generations at the same age
Debunking the Myths
Millennials do by and large want to own a Springbank Hill home or property, but they recognize that this may not make much sense in the current economic climate. If employers aren't willing to show their employees that they're valued, then millennials can't be expected to stay at a company that doesn't treat them well. Instead, millennials are renting so they can stay flexible when it comes to their careers. And because millennials are used to moving around, they're also buying fewer and fewer material goods. They don't necessarily mind living in the larger apartment complexes because they still have space to roam around.
Millennials Want the Same Things
Younger people still want the same things that their older counterparts did. They use real estate agents to buy and rent because they know the sheer volume of paperwork is too much to handle on one's own. They look for neighborhoods with pools and parks so they can enjoy their leisure time, similar to any buyer of the previous generation. And many millennials actually can afford to buy if they factor in the programs that make homeownership more financially viable. In fact, in many parts of Canada, homeownership is actually going up among younger adults. Millennials can not only save for a down-payment and closing costs, they also can usually handle the monthly mortgage payment as well.
Millennials don't necessarily have to be classified as one group or another. Just like any generation, millennials are looking for safe and productive places to live, work, and start a family. Understanding their circumstances makes it easier to predict their overall behavior, but the nuances are really the key to explaining the market.