Millennial Homebuyers – TLC for Fixer-Upper Homes
Everybody loves a good makeover show – What Not to Wear, The Biggest Loser, Love it or List it – but when it comes to doing the heavy lifting yourself, people run for the hills.
That is, most people run for the hills.
A recent poll released from Clever Real Estate surveyed 1,000 U.S. residents shopping for a home – and 67% of millennials said they would submit an offer on a property in need of major repairs. They are also the generation that completed the most home projects this past year.
The millennial generation has taken longer than most to enter into the real estate market. But while this generational group is entering home shopping later, becoming a homeowner is still their top priority. Clever’s survey found that 72% of millennials prioritize homeownership over marriage or having children.
What kind of homes are millennials looking for?
It seems as though millennials are 52% more likely to buy a multi-family property in comparison to Gen Xers and Baby Boomers.
They’re prioritizing safe neighborhoods and good schools – 38% of millennials say that safety is a top consideration. They are also 46% more likely than older generations to list school districts as the most important factor in shopping for a home.
Also, fixer-uppers. If they find one that fits within their other criterion, anyway.