With more and more millennials putting off buying a house due to mounting debts and rising home costs, real estate agents and home improvement retailers are devising new strategies for targeting this shrinking segment of the home buying market.
What many have found is that millennials have different tastes and priorities when it comes to the kind of properties they are interested in. For instance, a lot of millennials are concerned about their impact on the environment and desire energy-efficient homes that utilize smart technologies.
Additionally, many millennials seem to have a desire to stand out with their home purchases, to infuse their homes with personality. In other words: some potential entrants into the real estate market may be delaying their entrance into the real estate market because they are particularly picky about the kind of house they want to live in. This is especially true of older millennials, according to a recent study conducted by Home Depot.
Perhaps it is this need to use their private spaces as a form of self-expression that is causing at least some millennials to delay purchasing their first home – they want to make sure that the house they buy is exactly right. Statistics indicate that first-time homebuyers are waiting longer than ever to get involved in the real estate market. According to PricewaterhouseCoopers (PWC), the median age of first-time homebuyers is above 35, which is the highest number since 1970, when the professional services firm first began tracking this kind of data.
Beyond that, the homeownership rate in the US recently hit an all-time low, according to the U.S. Census Bureau. These startling numbers suggest that millennials who are struggling with financial issues, such as credit card debts and student loans, may not be in the best position to buy their “dream home” – which could lead to delaying a home purchase altogether.
To learn more, check out the Yahoo.com article, “When Millennials Finally Buy Homes, They Invest in Them Differently.”
If you are thinking about buying a home in New Jersey, you should speak with a qualified real estate lawyer immediately. Joel R. Spivack, Esq., is an experienced debt management and real estate attorney who can assist you throughout the home buying or home selling process. Contact Mr. Spivack now to schedule a free consultation.