If you’ve heard rumors that millennials are uninterested in becoming homeowners in the Metro Columbus area, don’t believe them! Millennials make up the biggest group of first-time buyers, and they believe homeownership is an integral part of the American Dream! As your Exclusive Buyer’s Agency, we are here to fill you in on why millennials choose to buy.
The 2017 State of the American Dream report found that more millennials believe homeownership is part of the American Dream than baby boomers! Millennials are 77 percent more likely than baby boomers to see a home primarily as a way to build wealth, and they are 29 percent more likely to see a home as an achievement that reflects hard work.
Millennials are portrayed as fickle and transient, but the report found that they are seeking the stability of homeownership even more than their parents. Two-thirds of millennial renters view homeownership as part of the American Dream.
Why does this group of young Americans want to own their own home? Aside from building wealth, here are the top five reasons, according to NerdWallet’s Millennials & Homebuying Study:
1. They want control over their living space. A whopping 93 percent of young renters want to own so they can paint and renovate however they wish. They also want the freedom to grow their family or own pets and to have the space for doing so.
2. They want a sense of privacy and security. These go hand-in-hand in homeownership, and 90 percent of millennials want this from homeownership. When you own, you have more control over who has access to your space and how you choose to secure it.
3. They want to live in a nicer home. With rent prices skyrocketing, many young renters are living in outdated spaces to save money. This is why 81 percent of millennials want to live in a nicer space, which they can do by renovating or by buying a home that is newer and upgraded.
4. They want to feel engaged in their community. Owning a home in a community can make you more involved, as 75 percent of millennials reported. When you stay put and get to know your neighbors, and when your home value depends partly on your surroundings, you care more!
5. They want to have flexibility in future decisions. Owning a home is like forced savings, which gives your future more options. This is why 53 percent of millennials find it important to have financial options for the future in case of unforeseen circumstances.
As you can see, there are plenty of great reasons why owning a Metro Columbus home is the way to go!
As your Exclusive Buyer’s Broker, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest.
Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!
Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!
Andrew Show
Broker, CEBA, CEBA-M, CNE, CSP, ABR-M, e-PRO, GREEN
Buyer’s Resource Realty Services
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax
