While Millenials have been branded as the "generation of renters," a Realtor.com® research shows this is not true in majority. Erik Gunther, who covers celebrity and unique homes for this online real estate destination, shares to us this study. The research also shows that these people are more interested in purchasing a home more than other age groups, although they face bigger financial challenges.
The Chief Economist of Realtor.com®, Jonathan Smoke, says "People who believe that millennials are disinterested in homeownership are grossly mistaken. This generation hit the job market during one of the largest recessions of all time, and they've had to work hard to establish credit and save for a down payment. With the older segment just beginning to enjoy living the life that drives homeownership--including marriage and children--now is the most appropriate time for them to consider homeownership. And that's exactly what the latest numbers are showing."
According to Smoke's analysis of data from ComScore and the current population estimates, close to 65 percent of millennials, or those aged 21 to 34, spent time on real estate websites and apps last August. Moreover, the older ones, aged 25- to 34, have the tendency by more than 70 percent to currently look for a home to buy on Realtor.com.
The top 10 areas where millennials are best represented among mortgage borrowers was identified by Realtor.com®. Millennials account for 44 to 59 percent of all purchased mortgages in these places.
Likewise, Realtor.com® rounded up some homes in each of these promising markets, and provided an information on what they have to offer these young buyers. As the median U.S. home price was $232,000 as of August, most of these homes have a lower asking price.
10. Address: 303 Ellerbe Ridge Dr., Shreveport, Louisiana; Price: $195,000; Game changer: "No back neighbors!"
9. Address: 1764 Rousselin Dr., New Orleans, Louisiana; Price: $197,600; Game changer: "Owners have created several organic gardens just waiting for you to harvest!"
8. Address: 215 Harold Dr., Clarksville, Tennessee; Price: $174,900; Game changer: Only $86 per square foot.
7. Address: 4205 Di Loreto Ave., Madison, Wisconsin; Price: $199,900; Game changer: "Incredible location near shopping, restaurants, and parks!"
6. Address: 1065 Maybelle St., NE, Grand Rapids, Michigan; Price: $125,000; Game changer: "Finished basement features an additional full bathroom with potential for a 3rd bedroom."
5. Address: 140 Oakbend Dr., Lafayette, Louisiana; Price: $219,500; Game changer: "Backyard includes covered patio and huge professionally-installed deck."
4. Address: 228 Woodside Rd., Pittsburgh, Pennsylvania; Price: $225,000; Game changer: "Total renovation top-to-bottom."
3. Address: 14960 Point Chenier Ave., Baton Rouge, Louisiana; Price: $144,900; Game changer: "It [has] walking distance to the park and has a great fenced back yard."
2. Address: 1302 N 300 W, Provo, Utah; Price: $199,900; Game changer: "Close to BYU and located in the BYU-approved off-campus housing area."
1. Address: 2409 Garfield Ave., Des Moines, Iowa; Price: $120,000; Game changer: "Backs to an open park!"
