Will Millennials ever decide to buy a home? The common perception is that they’re just not interested. However, new research indicates that attitudes toward home buying vary more by region than by generation.
According to a recent survey by the National Association of REALTORS, millennials both see the financial value in homeownership and want to own someday. And here in Texas, that attitude is especially prominent. In NAR’s quarterly survey, 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.
Part of that may have to do with age. The oldest Millennials are now 34, have largely completed their education and are likely several years or more into their careers. It would make sense that they are now more inclined to settle down, buy a house and build equity. Here in Texas, 66 percent of them feel like now is a good time to buy. While that figure is significantly less than the 77 percent of Gen Xers who feel like it’s a good time to buy, it’s still a sign of shifting attitudes among younger professionals. And if you have a look around at all of the construction cranes, you’ll see that Millennials are very interested in buying both in urban and suburban areas, and are largely leaving rural areas behind.
If you’re looking to expand your pipeline to reach first time buyers, make sure you know how to communicate with Millennials effectively. Take some classes here at MetroTex to modernize your toolbox. For example, the DISC personality profile class will teach you how to read personalities and adapt your communication style to work better with them. Our technology classes will show you both how to become more efficient in your work and how to reach Millennials where they already are. Check out our course calendar at mymetrotex.com and register today.