Millennial Homebuyers and the (Pandemic) Drive to Buy
It’s true – millennial homebuyers have slowly been entering into the housing market. But even with current quarantine restrictions in place, it looks like millennials are more inclined to make the leap of purchasing.
According to Realtor Magazine, new-home transactions have reportedly doubled in the last two weeks. Are millennials tired of being renters in smaller apartments? Is COVID-19 accelerating reasons to move into a bigger space that they can call their own?
Ken Perlman and Lesley Deutch, principals at John Burns Real Estate Consulting, explain the recent uptick in home sales: “first-time buyers are most likely to be living in dense apartments that lack social distancing opportunities […]”.
The trend seems to follow along the same lines with young and growing families needing to upgrade their current homes. John Burns Real Estate Consulting estimates that this [home-upgrading] segment will push nearly 80% of household growth over the next few years.
Check out John Burns Real Estate Consulting infographic below:
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