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Millennials and Homeownership: Not Mutually Exclusive

At one point, matching “millennials” and “homeownership” seemed impossible.  The typical narrative was that, unprecedented levels of student debt, combined with the financial crash of 2008, led to a generation that was generally averse to homeownership than the generations before.

However, according to data from Clever Real Estate, that narrative might not be accurate. The discount real estate agent company, in conducting its own research and pulling together metrics from other sources, came up with more up-to-date narratives about the millennial cohort. For example:

  • 84% of millennials believe that buying a home remains a core component of the American Dream, and approximately 79% of millennials are first-time homebuyers, according to a Clever Real Estate survey
  • Also in that survey, 67% would put an offer on a home in need of major repairs, 63% indicated that their smartphones were their primary research tools, and Zillow wins out as the most popular real estate portal
  • 72% of millennials prioritize homeownership over other major life events, such as getting married and having children, according to a 2018 Bank of America survey
  • Research from the U.S. Census Bureau noted that buyers age 37 years and younger make up the largest share of homebuyers, at 37%

The Clever Real Estate report and data also indicated that saving for a down payment is the largest challenge when it comes to owning a home. The will, however, is there, leading the survey analysts to note that: “millennials are well on their way to becoming the driving force in the residential real estate market, a role they’ll likely continue to play for decades to come.”

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About Mark El-Rayes

Mark El-Rayes is an award winning designer and photographer from Beirut, Lebanon. El-Rayes has over 15 years in the design industry, 5 years of which he served as a Mass Communication Specialist in the United States Navy at Naval Air Station North Island, Navy Public Affairs Support Element - West (NPASE). El-Rayes is a full-stack developer, seo specialist, photographer, and artist.

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