A recent study of Millennial buyers examined the reasons they are choosing to buy a home at this time. Here are the results:
1. To Control their Living Space – 93%
Many a renter has dreamt of painting their space to reflect their personal style. Some Millennials yearn for a pet they are prohibited from owning because of rental agreements. They have gotten to the place where they don’t want to wait any longer for these dreams to be fulfilled.
2. To Have a Sense of Privacy – 90%
Security has new meaning for everyone these days, so it is no surprise that it ranked #2 in this poll. We all want control over who enters our home, and how we can secure it.
3. To Live in a Nicer Home – 81%
Similarly to point #1, when you purchase your own home, you can renovate to suit your style, as well as accommodate for a growing family or a member who may need to move in.
4. To Feel Part of a Community – 75%
Because your home value is linked to the community and neighborhood in which you live, owning is a powerful motive to engage in civic activity.
5. To Have Flexibility in Future Decisions – 53%
Rather than see their rent money increase the financial well-being of their landlord, Millennials are seeing their housing investment as a savings account that may be available in the future to support themselves.
The recent article in Keeping Current Matters sums up the findings by stating: “The majority of millennials said they consider owning a home more sensible than renting for both financial and lifestyle reasons – including control of living space, flexibility in future decisions, privacy and security , and living in a nice home.”
It’s definitely a good time for millennials to get pre-qualified to buy a home. Locate your local, licensed and experienced Lender to assist you with this. Get out there any buy this summer!
As always, if you’re self-employed, turned down by the banks, or in need of special financing. Contact Sun Pacific Mortgage & Real Estate for a free consultation at (707) 523-2099.