5 Reasons Millennials Buy a New Home

The Millennial Generation Population

Millennials are one of our country's largest generations and are in the prime of their home buying years.  Millennials will soon surpass Baby Boomers as the largest living adult generation, according to the U.S. Census Bureau. Millennials, whom are ages 20 to 35 (from the 2016 population estimate), numbered 71 million, and Boomers (ages 52 to 70) numbered 74 million. Millennials are expected to pass Boomers in population this year! In 2019, their population is estimated to increase to 73 million and Boomers decline to 72 million. Generation X (ages 36 to 51 in 2016) is projected to pass the Boomers in population by 2028.  

Questions about Buying a New Home?

With that being said, why do Millennials buy a new home? Check out the stats from NerdWallet in the infographic below.  Call/text Green Haven Realty at 336.462.9544 if you have questions about the home buying process. We're here to help!

5 Reasons Why Millennials Buy a Home

To Summarize Why Millennials Buy a New Home:

  • “The majority of millennials said they consider owning a home more sensible than renting for both financial and lifestyle reasons — including control of living space, flexibility in future decisions, privacy and security, and living in a nice home.”
  • The top reason millennials choose to buy is to have control over their living space, at 93%.
  • Many millennials who rent a home or apartment prior to buying their own homes dream of the day when they will be able to paint the walls whatever color they’d like or renovate an outdated part of their living space.