Millennials, the generation that is known for being tech-savvy, politically vocal, breaking the monotonous way of life, having a unique way of expressing themselves and whatnot. This generation that differs massively from all the previous generations has gathered quite a different reputation from preceding generations. And by different, we mean one that is not very on the positive side.
Gen X and Boomers are big on following a certain way of life, which is not the case with millennials. There is a difference between how millennials approach it and how the generations before do when it comes to home buying behavior. Ever since the pandemic, technological advancements in every field have improved, giving millennials an edge. In general, there are a lot of myths surrounding the home buying behavior of millennials.
Here are five of them.
Millennials prefer renting over buying: Millennials have always wanted to buy rather than rent. However, the ever-increasing affordability gap, huge student debt, high interest rates, etc. are making it difficult for them to be homeowners. While these problems may be forcing them to rent rather than buy, with the help of loans and the ability to save more during Covid-19, more and more millennials are finally buying rather than renting, like they always wanted to.
Millennials don’t understand finances: There is a common misconception about millennials and how they are portrayed in general society as people who don’t understand finances. However, this is far from the truth. Compared to the previous generation, millennials face a bigger challenge, but even then, they are making smart financial choices and decisions to afford a home.
Millennials like staying with their parents: A good number of millennials are indeed staying with their parents. However, most of them are doing so because they simply can’t afford to move out. This trend also lets them ease their financial burden and afford to buy a home sooner than spend on rent and not be able to afford a home for a long time.
Millennials spend more and save less: Millennials are often labelled as materialistic people who live for the present and not save for the future. However, this is a big misconception. Millennials are seen to save more than how much their parents saved but because of other challenges that the generation faces, they have lesser wealth. More and more millennials are also seen investing strongly in the stock market, cryptocurrency, etc. at a much earlier age than their parents did.
Millennials prefer cities over suburban areas: With homes in the city far costlier than those in the outskirts, millennials opt to buy homes in the suburbs. The priorities for a typical millennial have changed from glamorous city life to peaceful suburban life.
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