As per the new survey from Clever Real Estate, the Millennial home buyers are thinking long term about where they buy. They value safe neighbourhoods and good school districts over walkability and short commutes. Millennials are 52 per cent more likely to buy a multi-family property compared to older generations. Millennials won’t shy away from a fixer-upper. Sixty-seven per cent would put an offer on a home that needs major repairs.
The 2019 Clever Real Estate Home Buyer Report surveyed 1,000 U.S. residents in the market to buy a home within the year. Over half of respondents were classified as Millennials. Seventy-eight per cent of Millennials are first-time home buyers and 38 per cent are not working with an agent to find a home .
Most Millennials value good school districts and safe neighbourhoods over walkability and short commutes. Only 9 per cent of Millennial home buyers are afraid of being tied down to a home. Millennials believe buying a home is a good investment, and they are thinking long term about their decisions.
In fact, Millennials are looking to get into real estate investing. Millennials are 52 per cent more likely to buy a multi-family home than older generations. They see the benefit of becoming landlords and generating passive income to help pay off their debt.
With Millennials struggling to pay off debt and save for a down payment, many home shoppers realise they can’t afford a huge mortgage payment every month. Due to their financial constraints, Millennials are also willing to take on properties that need repairs. Sixty-seven per cent would put an offer on a home that requires major repairs.