2020 has been anything but routine, and this is especially true in the real estate industry. The recent Covid-19 pandemic changed how the industry operated and there has been a lot of uncertainty in the space. Despite this, the industry is bouncing back and people are still buying a lot of homes throughout the USA.
While people of all ages are buying homes, it is the millennials that find themselves as one of the most involved age groups when it comes to the real estate industry. Because of this, it is a good idea to familiarize yourself with millennial-related real estate trends. This can help you know what they are looking for, as well as their behaviors in the market.
With that in mind, let’s look at some amazing millennial real estate trends in 2020.
Millennials Are Willing to Move
Millennials often know what they want out of a home, and aren’t afraid to go look for it. While some people are apprehensive to move away from home in past generations, many younger buyers have no problems moving across the country to get the home or apartment they want. Many are also flocking away from the big cities, out to the suburbs or smaller and more “up and coming” cities or areas.
Whether they want a two-storey home in Atlanta, or are looking at Uptown Dallas Apartments for Rent, Dallas, TX, millennials are willing to move to chase these dreams. They are a much more mobile workforce and generally have no problem going where opportunity takes them.
Millennials are the Biggest Home Buyers
As we mentioned briefly in the introduction, millennials are one of the most involved groups in the real estate industry. In fact, they are expected to buy the most homes of any generation in 2020. Because so many millennials are looking to buy, sellers need to keep in mind the preferences of millennials and what they are looking for.
Their wants and needs are different than baby boomers and other generations, as home builders and sellers need to keep up. While everyone is different, most millennials are looking for affordable homes, a strong job market and a place that is on the rise. They also have eco-friendliness as a priority more than previous generations, and many like and use a lot of technology in their homes. This shift to more millennial buyers than ever will certainly be a change for the industry, and one that every will need to prepare for.
More Non-Traditional Living Options are Becoming Popular
Another real estate trend that we see in regards to millennials is that they are often interested in non-traditional living options. This includes living in RVs, renting for longer, prefabricated homes and several others. It isn’t as simple as buying a standard home, living in it for 30 years and moving on to the next. Younger people aren’t as comfortable in fixed-living situations as older generations were.
Also, while many past generations have wanted large homes with a ton of space, that isn’t so much the case right now. This is evident by the explosion in the popularity of tiny houses, which are much more affordable to purchase and maintain. Smaller homes are also easier to clean and much more cozy in many cases.
People prefer a nice neighborhood or nearby amenities more than a larger home. They also value things like safety, family-friendliness and commute time for work more than the size of the house or yard.
In conclusion, we hope this article has helped you learn some of the most amazing millennial real estate trends in 2020.