You know the drill: save up for a single-family home, live in single-family home for a certain amount of years to save up for a bigger home, then move.
But it seems millennials are switching up the drill – totally skipping the starter home and going straight for the bigger (possibly more luxurious) home in the U.S. or even internationally.
Millennials currently represent the largest share of home buyers in the country – and they’re a buyer group to be taken seriously. Now that most of the millennials (to be exact, the older millennials) have saved, most are purchasing homes in luxury real estate.
The pandemic has also changed the real estate market quite a lot; whereas this group of homebuyers may have been more attracted to the city, most are now seeking larger (more affordable) homes in the suburbs.
With 38% of millennials representing the largest share of home buyers in the U.S., we’ll just have to keep an eye on how the real estate market shifts and changes for their needs.
For more real estate news, stop by Alliance Title’s Blog.