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Mortgages
Advertiser Disclosure


MILLENNIALS AND HOMEBUYING: REAL ESTATE ADAPTS TO LARGEST GENERATION

Klaus Vedfelt/Getty Images


ADVERTISER DISCLOSURE

We are an independent, advertising-supported comparison service. Our goal is to
help you make smarter financial decisions by providing you with interactive
tools and financial calculators, publishing original and objective content, by
enabling you to conduct research and compare information for free - so that you
can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American
Express, Bank of America, Capital One, Chase, Citi and Discover.


HOW WE MAKE MONEY.

The offers that appear on this site are from companies that compensate us. This
compensation may impact how and where products appear on this site, including,
for example, the order in which they may appear within the listing categories.
But this compensation does not influence the information we publish, or the
reviews that you see on this site. We do not include the universe of companies
or financial offers that may be available to you.


Written by
Zach Wichter
Written by
Zach Wichter
Mortgage reporter

Zach Wichter is a mortgage reporter at Bankrate. He previously worked on the
Business desk at The New York Times where he won a Loeb Award for breaking news,
and covered aviation…

Zach Wichter
 * Nov. 4, 2021 /
 * 3 min read

Edited By
Bill McGuire
Edited by
Bill McGuire
Senior mortgage editor

Bill McGuire is senior mortgage editor at Bankrate. He has held editorial posts
at ABC News, Time, Inc., Bloomberg and Consumer Reports Magazine.

Bill McGuire
 * Nov. 4, 2021 /
 * 3 min read

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WHY YOU CAN TRUST BANKRATE

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While we adhere to strict editorial integrity, this post may contain references
to products from our partners. Here's an explanation for how we make money.

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WHY YOU CAN TRUST BANKRATE

Founded in 1976, Bankrate has a long track record of helping people make smart
financial choices. We’ve maintained this reputation for over four decades by
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in which actions to take next.

Bankrate follows a strict editorial policy, so you can trust that we’re putting
your interests first. All of our content is authored by highly qualified
professionals and edited by subject matter experts, who ensure everything we
publish is objective, accurate and trustworthy.

Our mortgage reporters and editors focus on the points consumers care about most
— the latest rates, the best lenders, navigating the homebuying process,
refinancing your mortgage and more — so you can feel confident when you make
decisions as a homebuyer and a homeowner.

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Bankrate follows a strict editorial policy, so you can trust that our content is
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in any way.

Millennials finally seem to have cut down their avocado toast intake enough to
become a major part of the real estate landscape.

According to the American Community and American Housing surveys, there are 66
million millennials in the U.S., and they now represent 37 percent of the total
national homebuying market.

Millennials approach homebuying differently than older generations. It’s not
just an obsession with Zillow browsing, but also different preferences for what
they want in a home and more comfort in relying more heavily on digital
processes from walkthroughs to closings, so the landscape is shifting to
accommodate their needs and desires.




KEY MILLENNIAL HOMEBUYING STATISTICS

 * Millennials are the fastest-growing segment of homebuyers, accounting for 37
   percent of the overall U.S. housing market.
 * Millennials make up an even bigger share of first-time homebuyers. In all, 82
   percent of younger millennial buyers (ages 22-30) and 48 percent of older
   millennial buyers (31-40) purchased their first homes between July 2019 and
   July 2020.
 * First-time buyers represented 31 percent of all purchasers in the National
   Association of Realtor’s most recent annual survey, though that number has
   since dropped off

The National Association of Realtors estimates that 99 percent of millennials
use the internet during their homebuying process.


MILLENNIALS CHANGING THE HOUSING MARKET

Millennials are typically defined as people born sometime between the mid-1980s
and mid-1990s, and their entry into the real estate market has looked different
than that of older generations.

Generally, millennials are buying their first homes later than their baby boomer
parents. There are a number of reasons behind that delay, but high student loan
debt loads and the lingering effects of career stagnation caused by the Great
Recession are some of the most commonly cited reasons.

Prior to the pandemic, more than half of millennial respondents to a Bankrate
survey said they weren’t earning enough money to buy a house, and nearly a
quarter said student loan debt was holding them back. Since then, more
millennials have managed to become homeowners, but those barriers remain in
place for many others.




MILLENNIALS SLOWER TO BUY HOMES

In addition to being held back by financial considerations, many millennials are
in a general pattern of reaching life milestones later. The average age for
getting married has been rising, for example. The U.S. Census Bureau reported
that in 2020 the median age for a man’s first marriage was above 30 for the
first time in history, while the median age of a first-time bride was above 28,
also for the first time.

Subsequently, millennials are starting their families later, and have been
renting for an average of six years before buying, according to Zillow.




HOW MILLENNIALS USE TECHNOLOGY FOR HOMEBUYING

Whether it’s browsing real estate listings online or applying for their mortgage
through an app, millennials are more likely than previous generations to take
advantage of tech innovations in the real estate sphere.

The National Association of Realtors reported as early as 2017 that 99 percent
of millennials used technology at some stage of their homebuying process. The
coronavirus pandemic only made tech options more diverse and entrenched.

The growing popularity of virtual showings, increased opportunities for
e-closings, the rising clout of iBuyers that put the whole home-selling process
online and other trends all underscore the importance of digital innovations to
millennial homebuyers. These shifts continue to shape the property sales
landscape.


TIPS FOR MILLENNIAL HOMEBUYERS

If you’re looking to buy a home, there are a few key bits of advice to keep in
mind:

 * Be sure to find a trusty real estate agent to work with. The market has been
   especially competitive lately, so you’ll want someone to guide you through
   the bidding and buying process.
 * Shop around to multiple mortgage lenders to make sure you’re getting the best
   deal. It’s not just about interest rates, but the all-in costs and other
   terms and conditions on your loan.
 * Be sure to make a budget and stick to it. You don’t want to wind up with more
   house than you can afford.
 * Keep that budget going once you move, too. The top regret for millennial
   homebuyers is unexpected maintenance costs, so you’ll want to be ready to
   cover whatever issues inevitably crop up.


LEARN MORE:

 * Nearly two-thirds of millennials have homebuyer regrets, survey finds
 * 10 first-time homebuyer tips
 * Homebuyer education courses: What to expect as a first-time homebuyer

 


Written by
Zach Wichter
Mortgage reporter
Read more From Zach
Zach Wichter is a mortgage reporter at Bankrate. He previously worked on the
Business desk at The New York Times where he won a Loeb Award for breaking news,
and covered aviation for The Points Guy.
Edited by
Bill McGuire
Senior mortgage editor




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