2017: The Year of the Millennial Home Buyer
Millennials are expected to rush the real estate market in 2017, with many seeking affordable homes in the suburbs.
More than half of all buyers will be first-time homeowners, according to Realtor.com. About 61 percent of those new buyers will fall squarely in the millennial category: under the age of 35.
This data also indicates the real estate market will likely continue to favor sellers. Meanwhile, finances are at the top of the list of concerns for young home buyers. Nearly 40 percent of first-time buyers say the down payment is their top concern, while 30 percent list finding a place within their budget restrictions.
Where will demand be the greatest? Single-family homes in the suburbs.
Half of all millennials are looking to settle in the suburbs, but so are half of all baby boomers, who will be active in the 2017 market. Further, 73 percent of millennials are looking primarily for single-family or townhomes while 71 percent of baby boomers seek single-family homes.
The trend expected to hit this spring and summer will mark a movement of millennials from urban areas to suburbia. Many of them have been renting and taking advantage of the conveniences of city centers. Now, they are pairing up, settling down and starting families of their own.
I LOVE MILLENNIALS!! I would love to help you buy your first home or investment property. Call, email, or text me today for more information on what to do to get started.
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Rachel Sheller, Principal Broker, Realtor, CRS, ABR, GRI, SRES, MASTERS CIRCLE
Diversity Specialist, HOWNW, CSA-Certified Staging Agent
Oregon First, Realtors, Direct 503.380.9634
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