I don’t think I’ve heard a generation mentioned more than baby boomers until the millennials came along. Millennials are everywhere and they are taking over the world, which is great. We need more people buying homes, stimulating the economy, and making great decisions for our country.
In the recent 2018 Home Buyer and Seller Generational Trends, millennial’s make up 36% of all home purchases, even ahead of baby boomers a 32%. Generation Xers are at 26% and the Silent Generation is it just 6%.
Millennial’s make up those born between 1980 and 1998. These are the ones that saw the invention of the Internet, the cell phone, and went from no social media to an onslaught of choices in the social media world. 46% of this demographic have student loan debt and 65% were first-time homebuyers. 86% still believe buying a home is a good financial investment.
Generation axes from 1965 to 1979 and this demographic alone has some interesting statistics. 13% have had a distressed sale in the past. 15% have bought a multigenerational home. 16% bought a new home for green or energy-efficient purposes. And 55% have bought in the suburbs or in a dedicated subdivision.
We’ve noticed an upturn in buyer interest from young adults over the past couple of years but with that comes the frustration of higher home prices and tougher competition. Because of these challenging market conditions, many aspiring millennial buyers may continue renting unless those that have come before decide to sell and entry-level home construction increases significantly.
Millennials are looking for that sense of community and wanting to stay connected and close to friends and family. This may be why a lot of generation X buyers are either moving their parents in with them or looking for multigenerational homes. 52% of millennial’s studied have at least one child, which tends to indicate the likelihood of a move or a home purchase. 85% in this group purchase a single-family home in just 2% went with a condominium.
Another interesting statistic is that 90% of millennial’s will choose to purchase their home with a real estate agent or Realtor® but 75% have done their homework and are highly educated about the process beforehand. [Source]
If you are millennial, Generation Xer, or really anyone looking to buy or sell in the Calabasas or Hidden Hills area I invite you to trust the experience of a dedicated Realtor. Because we know the area and the local market conditions we can help you compete and get the right home for your needs and budget. Call, text, or find us on social media.