Amazing Millennial Real Estate Trends in 2021
A millennial might be a term that causes an eye-roll in most conversations, but when it comes to real estate, the millennials are outright leading the pack. This is due, in part, to have had time to grow in their current career options or maybe recently having paid off their student debt, leaving them with a few extra dollars, ready to invest in property.
For those millennials not quite so taken by van life, investing in real estate is the next option. So whether you’re buying your family home or investing in a condo or loft in a beautiful city, these are a few of the millennial real estate trends we’ve spotted in 2021.
Entering The Real Estate Market
Innovative ideas to combine technology, environmental consciousness, and location seamlessly slip into their new roles as homeowners. With the millennials’ flair for making the most of what they’ve got, the boomers might soon be looking to the millennials to help navigate the new real estate markets.
Millennials make up the largest demographic in the nation, with over 70 million millennials eagerly waiting to enter the real estate market, making up most of the home-buyers market at a whopping 53.7% in Dallas alone, for example. A study conducted by the National Association of Home Builders concluded that despite a few millennials still choosing to live in the quiet greenery of suburbia, there are a great many of them that are preferring to settle in the city.
With the rise in popularity of gentrification of inner-city suburbs, many millennials are choosing to settle there for many reasons such as accessibility, high-end retail stores, terrific restaurants, and vibrant nightlife. The beautiful Uptown Dallas Apartments to Rent in Dallas is a thriving example of the rise of new urbanism with walkable neighborhoods and various housing options.
Millennial Real Estate Buyer Trends
With the economic aftermath of the pandemic still in motion, real estate has only recently become more affordable to millennials. This results from an all-time high national savings rate and the steady decline in interest rates, encouraging more buyers into the market.
The majority of millennial buyers seem to prefer newly built homes or recently overhauled or renovated properties.
Due to the unparalleled perks of buying a new home, such as having a decreased chance of peril claim, meaning you will be more likely to get coverage for home insurance, millennials opt to buy new homes. Along with this, the older millennials (26-35 years old) are choosing to invest in smart home options that increase ease and comfort. You have your entire house connected to the palm of your hand via your smartphone. This includes lights, your thermostat, security systems, and even your refrigerator and coffee machine.
Millennial Real Estate Sustainability Trends
Sustainability is a buzzword almost synonymous with millennials, and the real estate market is no different. Going off the grid was recently reserved for odd families on the Discovery Channel, but millennials have taken this notion and made it an option for your living space. Although gentrified or not, living in the city means less commute time, leaving a less significant carbon footprint. The access to walkable neighborhoods, parks, diverse business opportunities, and having your community right outside your front door is a big factor in drawing millennials to downtown and uptown developments.
Another user-friendly aspect of sustainable living is the opportunity to cut your monthly costs by between 20% and 30%. Using the sun to power appliances like heating and power, you save a tremendous amount on power bills.
When it comes to sustainable homes, millennials are showing a knack for creating a living space that is as beautiful as it is functionally sustainable.
One of the fascinating trends noticed regarding millennial homebuyers is the sudden move out of big cities like New York and Los Angeles. For decades it has been a solid trend that young professionals flock to the bigger cities searching for jobs and dreams, but recent findings from SmartAsset have shown that in 2019 alone, 40,000 millennials left New York City. Most recent migration patterns have shown millennials flocking to cities in states with no taxes on income or salary. These cities include Austin and Frisco in Texas, Seattle, Washington, and Henderson, Nevada.
Whether you’ve just paid off your student debt or just started a family, it seems that the real estate market is very much on the side of the millennial with eco-friendly, sustainable living available almost everywhere, no matter where you find yourself migrating to.
Author: Wendy Dessler of The Blog Frog