Increasing Rents Are Encouraging Millennials' Homeownership Aspirations
Over one-third of millennials aged 28 years and older want to buy a home by 2021, according to new survey data.
In Meyers Research's second annual millennial survey, the data showed 70 percent of millennial renters had a rent increase over the past year, with 20 percent of these renters seeing a 6 percent rent price increase year-over-year. Many first-time homebuyers find affordability more important than space; 60 percent of the survey's respondents said their homes are under 2,000 square feet.
Millennials that said they would likely buy a new home as their first home are two times as likely to care about design compared to those planning to buy an existing property. On a relative basis, however, the emphasis on design is lower for Millennials than for Gen Xers or Boomers due to affordability being one of the top driving factors for this cohort.