Demand for Homeownership Rising Among Millennials
You may be surprised to learn that the millennial generation, once known for being renters, has become a driving force in today’s home buyer market. Although people have seen some of the demand for buying a home slow as interest rates rise, there are still plenty of buyers out there. The idea that millennials are simply a renter generation is a myth. This week, the team at Foundation Mortgage discusses rising demand from the younger generation to buy homes in Knoxville, Maryville, Lenoir City, Oak Ridge, or Gatlinburg, Tennessee.
An Educated Generation Interested in Buying Homes
Part of the reason millennials are driving up demand for new homes is that they place a lot of value on education. Add this to increasing rates of employment in high earning technology jobs, and you will see why many of them are buying their first or even second home right now. Millennials are leaving school with bachelor’s and master’s degrees and getting great salaries. Even if they have some student debt, they can still qualify for a mortgage with these great incomes. The millennial generation is quickly becoming the most educated generation in recent history, and they will drive the housing market forward.
Millennials Place a lot of Value on Owning a Home
Millennials are also one of the largest generations in history, and many value and desire to own a home. This helps many sellers as demand for home inventory skyrockets. Millennial interest in owning a home will continue to grow for years. In fact, millennials now comprise the largest share of homebuyers in the United States, according to the National Association of Realtors. Online programs make it easier for them to learn. Many are managing their budget and becoming quite savvy in the home ownership process. We even see many rising investors. Therefore, this generation is central to the overall sustainability of the housing market. Despite slowing of the market due to rising rates, millennials are at the perfect age to start a family and own a home. This is good news for sellers.
Attracting the Millennial Demographic to Your Home
There are many ways to attract the millennial demographic’s interest in buying your home. Simply investing in modernizing kitchens, bathrooms, and creating fresh open floor plans makes a big difference. Remember this is the technology generation, so space for home offices and media entertainment rooms are a huge plus. Think of this when staging the home. These investments may be regained when you get a great selling price.
The professionals at Foundation Mortgage are here to help you market your home to millennials in Knoxville, Maryville, Lenoir City, Oak Ridge, or Gatlinburg, Tennessee. Contact one of our talented staff to learn more today!