Who?s buying homes in the U.S. right now? So far, it hasn?t been the millennials according to The Guardian. For many reasons, this is the demographic that tends to ignore open houses, online listings and home biddings.
Why so reluctant? It?s been 130 years since the last time living with your parents between the ages of 18 and 34 was popular — but now, it?s back in style. More and more adult children are finding themselves in their parents? homes longer than they expected. Not only are kids dealing with a lack of affordable housing and student debt, but parents themselves are often dealing with the same stressors — and relying on their kids to help them pay the mortgage.
So: what should millennials be looking for in new homes? How can they look to the future, while keeping their current limitations in mind? Here?s a few ideas.
Finding the Ideal Location
Forty years ago, the ?perfect location? may have been a huge house out in an underdeveloped area. Today, the perfect location is ideally near work, grocery stores, and other conveniences. Savvy millennials who can ride their bike to work and to the bars may be able to ditch their cars for good (if they haven?t already), thereby saving cash more easily every month. Finding a house for sale in a desirable location also represents a safer bet for return on investment, even if that seems difficult to think about just right now.
New Homes are Surprisingly Efficient
When people look at new homes, they often only see the price tag and keep looking. It?s worth keeping in mind, though, that money spent now can really pay off in the long run. A new home is going to have the most energy efficient appliances, for example. Not only that, but everything is going to be new. In an old home, you can anticipate at least one major repair every five years or so — whether it?s the roof, the sewer lines, the HVAC system or the fridge, something?s going to give out — and the homeowner is the one left footing the bill.
Townhomes are an Affordable Option
Not everyone needs a big house — in fact, many millennials have gotten used to paring down their possessions and opting for smaller, alternative living spaces. Townhomes can be a great option for young home buyers looking for their own space, while eliminating some of the maintenance and ultimately empty rooms that you?d have in a large, suburban home. Who actually used the ?sitting room? when there?s already a dining room and a family room, anyway?
So there you have it. While some may fret about the future of the housing market, in reality, there are a ton of options out there for millennials — once they start the search.
