There are more than 72 million millennials in the United States, and of those, 98% want to become a homeowner at some point if they are not already. According to Zonda’s 6th annual millennial survey, here are the top 5 reasons why millennials are buying.
Building Equity: Millennials understand that real estate can be a valuable long-term investment. They see homeownership as an opportunity to build equity and potentially benefit from property appreciation over time.
A change in life stage: As millennials enter new life stages, such as starting families, they may seek larger living spaces and more stability, prompting them to consider buying a home.
Stability or settling down: Many millennials view homeownership as a way to establish stability and create a sense of permanence in their lives. Owning a home provides a long-term living arrangement and a place to build memories and raise a family.
Long-term cost control: Owning a home can provide more predictability in housing costs compared to renting, where rent prices may fluctuate year to year.
Wanting to make somewhere “mine”: Homeownership represents a sense of independence and autonomy, as it allows millennials to make their own decisions about their living space without relying on a landlord.
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