Are you ready to buy your first home?
While we have heard for years that millennials prefer bustling cities full of shops and cafes over sprawling suburbs, this age group has begun to reach the milestones that push them to search for new homes. Almost five million millennials will turn thirty this year, and many of them have settled into longer-term jobs and are starting families. With this shift has come a marked change in their interest in buying homes. According to Pew Research, millennials currently comprise the largest generation in America. And Realtor.com’s 2020 Housing Market Predictions claims that they will be the age group buying the bulk of real estate in the United States this year.
Young parents are looking for ways to balance their affinity for luxurious urban lifestyles with family friendly and affordable options as their families grow. With mortgage rates at record lows and remote work on the rise, renters are realizing that they could buy a larger and lower-priced home outside of the city center for close to what they’re paying in rent. And while millennials are considering new options in housing, builders and developers are changing as well. They are taking note of younger generations’ interests and are developing neighborhoods that are walkable and combine retail shops and office spaces with residential properties, bringing about dynamic living spaces in the midst of towns and suburbs.
So as millennials are growing more open-minded in their search for housing, and towns are beginning to change in ways this group tends to enjoy, one issue still stands in the way of millennials settling into perfect new homes: a housing shortage.
According to Realtor.com’s senior economist George Ratiu, given how many young people are becoming of age to buy, we are underbuilt by about 4 million homes in the United States. This causes a lot of competition between first-time home buyers, especially for entry-level homes.
At Kelly Blanchard Real Estate Group, we certainly see the realities of this housing shortage in Richmond. But we love helping people settle into homes they love! We are prepared to apply our knowledge and experience as well as patience and persistence to help you find and buy a home. Give us a call if you want to talk about possibilities!