Market Update March 10, 2021

A MILLENNIAL LIVING IN YOUR HOME, IN YOUR LIFE? HERE ARE SOME STATS ABOUT THEIR PEERS.

COVID-19 lockdowns lured many millennials from their city apartments back to their parent’s house. Now that they’ve been living rent free for a good chunk of time, how do they fare when it comes to buying a house of their own?

A sense of urgency has taken over, either from cabin fever or fear of missing out. The majority of the 1000 millennials surveyed by Clever Real Estate found that: 71% were willing to purchase a fixed-upper or 80% could be persuaded to purchase a home sight unseen. While, the majority (57%) of those millenials were able to build nest eggs of at least $10,000, it isn’t enough to put 20% down payment on their preferred price range of less than $300,000. This is especially limiting in the Puget Sound.

Despite living at home, not going out, dreams of homeownership are still distant as millennials are still struggling to afford down payments. 67% of those surveyed said that they couldn’t swing 20% down and would more likely offer 5% or less.