I caught an article today from May 2018. USA Today wrote a nice piece about what I’ve been saying for a few years now. Millennials will save their money and live life as they have to in order to get the house they want the first time out.
Millennials in the 30’s have saved, rented, and waited until they had a 20% down payment along with savings to get into the house of their dreams. We heard for a long time how they will buy a starter home for 5-7 years then move and maybe move again all before the age of 45. Yes, that’s still happening but the great news is the knowledge of first home purchases are being looked at as their forever home. The tide is changing.
I’m the founder of The Ageless Home™ and let me tell you that the millennials along with the boomers have a few things in common.
- looking at your home to be the best investment
- looking at your home to be your lifelong shelter
- looking at your home to accommodate everyone throughout their lives
My pitch to the building industry is to get them to build houses with designs that work for everyone, regardless of age or ability. How about a stepless entry for baby strollers, or for moving in furniture, or having guests that don’t like steps? Or maybe a kitchen design that allows a 6’11” and a 5’2” person to be independent due to its design. No reaching/No bending. It’s coming. My target is to get the housing knowledge for all ages and situations out to the general public by 2019.
Even though the housing inventory in the US is pretty slim these days this is what USA Today had to say- “Thirty percent of Millennials-those born between 1980 and 2000 — bought homes for $300,000 and above this year, up from 14% in 2013, according to NAR. Of course, home buyers are more likely to splurge as their savings and income rise. But older Millennials are even purchasing bigger homes than their predecessors at similar ages. From 2012 to 2016, nearly a third of buyers age 33 to 37 bought four-bedroom homes compared to about 24% in that age group in 1980, 1990 and 2000, according to an analysis of Census Bureau data by Ralph McLaughlin, chief economist of Veritas Urbis Economics”.
Happy house hunting!
**Visit my website for more posts on Housing and Aging In Place** www.ValerieJurikHenry.com