{"id":8219,"date":"2022-10-27T06:00:42","date_gmt":"2022-10-27T10:00:42","guid":{"rendered":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=8219"},"modified":"2022-10-27T06:00:42","modified_gmt":"2022-10-27T10:00:42","slug":"millennials-are-still-a-driving-force-of-todays-buyer-demand","status":"publish","type":"post","link":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=8219","title":{"rendered":"Millennials Are Still a Driving Force of Today\u2019s Buyer Demand"},"content":{"rendered":"
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\"Millennials<\/p>\n

If you\u2019re thinking about selling your house<\/a> but wondering if buyers are still out there, know that there are still people who are searching for a home to buy today. And your house may be exactly what they\u2019re looking for.<\/span><\/p>\n

While the millennial generation has been dubbed the renter<\/a> generation, that namesake may not be appropriate anymore. Millennials, the largest generation, are actually a significant driving force for buyer demand in the housing market today. Here\u2019s why.<\/p>\n

Millennial Homebuying Power<\/strong><\/h4>\n

While there\u2019s no denying higher mortgage rates<\/a> are making it more challenging to afford a home today, many millennials are still eager and able to buy homes \u2013 whether it\u2019s their first or they\u2019re moving up. That\u2019s in large part because of the value they place on education.<\/p>\n

A recent article<\/a> from First American <\/em>says millennials may be the most educated generation in our nation\u2019s history. Because of that, they tend to earn higher wages, and that translates to greater homebuying power. Odeta Kushi, Deputy Chief Economist at First American,<\/em> explains<\/a>:<\/p>\n

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\u201cIn 2020, millennials with a bachelor\u2019s degree had a median household income of over $100,000, while those with at least a graduate degree had a median household income of over $120,000. Compare those income levels with the median household income of millennials with just a high school degree (or some college) of $60,000 and the earning power benefits of higher education are undeniable. . . . Millennials\u2019 pursuit of higher education is good news for the housing market. . . because education is the key to unlock both greater earning power and, in turn, homeownership.<\/strong>\u201d<\/em><\/p>\n<\/blockquote>\n

And since wages are one of the key things that factor into affordability when it comes to buying a home, these higher earnings can help millennials achieve their homeownership goals.<\/p>\n

Millennials Continue To Be a Driving Force of Demand<\/strong><\/h4>\n

A number of studies have looked into how the millennial generation views homeownership and how they\u2019re uniquely positioned to define the housing market moving forward. As the largest generation, the volume of potential millennial homebuyers will have an impact on the market for years to come. As an article in Forbes<\/em> explains<\/a>:<\/p>\n

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\u201cAt about 80 million strong, millennials currently make up the largest share of homebuyers (43%) in the U.S., according to a recent National Association of Realtors (NAR) report.<\/strong> Simply due to their numbers and eagerness to become homeowners, this cohort is quite literally shaping the next frontier of the homebuying process. Once known as the \u2018rent generation,\u2019 millennials have proven to be savvy buyers who are quite nimble in their quest to own real estate. <\/strong>In fact, I don\u2019t think it\u2019s a stretch to say they are the key to the overall health and stability of the current housing industry.\u201d<\/em><\/p>\n<\/blockquote>\n

If you\u2019re thinking of selling your house but are hesitant because you\u2019re worried that buyer demand<\/a> has disappeared in the face of higher mortgage rates, know that isn\u2019t the case for everyone. While demand has eased this year, millennials are still looking for homes. As Mark Fleming, Chief Economist at First American, <\/em>says<\/a> in an article:<\/em><\/p>\n

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\u201cWhile not the frenzy of 2021, the largest living generation, the Millennials, will continue to age into their prime home-buying years, creating a demographic tailwind for the housing market.\u201d<\/em><\/p>\n<\/blockquote>\n

Bottom Line<\/strong><\/h3>\n

Millennials are interested in and well-positioned to achieve their homeownership dreams. If you\u2019re ready to sell your house, know that it may be just what they\u2019re looking for.<\/p>\n

Content previously posted on Keeping Current Matters<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\"MillennialsIf you\u2019re thinking about selling your house but wondering if buyers are still out there, know that there are still people who are searching for a home to buy today. And your house may be exactly what they\u2019re looking for. While the millennial generation has been dubbed the renter generation, that namesake may not be [\u2026]<\/div>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"bgseo_title":"","bgseo_description":"","bgseo_robots_index":"","bgseo_robots_follow":"","footnotes":""},"categories":[3,123,85,86,124],"tags":[],"class_list":["post-8219","post","type-post","status-publish","format-standard","hentry","category-blog","category-demographics","category-for-sellers","category-housing-market-updates","category-millennials"],"_links":{"self":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/8219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8219"}],"version-history":[{"count":0,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/8219\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}