18 May Millennial Attitudes to Homebuying by Region
THIS ARTICLE WAS ORIGINALLY PUBLISHED BY REALTOR.ORG
MAY 3, 2016 |
We’ve all heard someone say that millennials don’t see the value of buying a home, and that they will remain renters forever; both claims are refuted by research from the National Association of REALTORS®, which found that millennials both see the financial value in homeownership and want to own someday. However, it is true that these attitudes vary a bit by region. According to NAR’s most recent Housing Opportunities and Market Experience (HOME) Survey,which measures attitudes on buying through the first quarter of the year,, millennials in the South are most likely to believe homeownership is a part of their American dream (at 91 percent), followed by those in the West (at 90 percent). Millennials in the Northeast and the Midwest followed closely behind at 88 percent and 84 percent, respectively. As for homeownership being a good financial decision, the numbers were a little more even across regions—86 percent of millennials in the West agreed with that statement as did 85 percent in the South and 84 percent in both the Northeast and Midwest.
Review NAR’s 2016 Q1 HOME Survey to see millennial attitudes on homeownership across the country. Talk to a REALTOR® who works with millennials to get their perspective on what millennials may be looking for in their homeownership journey. Speak with millennial buyers to find out what is driving their desire to own.
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