While it’s widely known that millennials (those age 34 years or younger) are waiting longer than their parents and grandparents to venture into homeownership, they are still feeling the urge to purchase their own home. According to the National Association of REALTORS® 2015 Home Buyer and Seller Generational Trends report released last month, the primary reason millennials purchased a home was simply the “desire to own a home of my own.” Almost 40 percent of millennial buyers identified that as the main reason; other primary reasons for a home purchase included the desire for a larger home (7 percent), affordability of homes (6 percent), the desire for a home in a better area (6 percent), and financial security (5 percent).
Take a look at NAR’s 2015 Home Buyer and Seller Generational Trends report to see the reasons why millennials are choosing to buy and the type of homes they are choosing. Talk to a REALTOR® in your community to get his or her perspective on the driving forces behind millennials buying homes. Talk to some buyers in that age group to see if their experiences and thoughts mirror the report.