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More Millennials Want to Become Homeowners Due to the Pandemic

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Demographics

More Millennials Want to Become Homeowners Due to the Pandemic


October 8, 2020
Smiling couple in new home
Photo: fizkes

A recent Realtor.com survey shows that more Millennials are gearing up to become homeowners as a result of the pandemic. Millennials are the country’s largest generation, and now aged between 23 and 38. The survey includes data from 2,000 home shoppers planning to purchase a home within a year. Almost 50% of Millennials said the pandemic pushed their homebuying plans up. About a quarter of respondents said their current homes no longer fit their needs, and 23% said a new home is needed due to growing families. The pandemic has not only given Millennials new reasons to purchase a home, but has given them extra time to save up for the big move.

"Wanting to capitalize on low mortgage rates and buy before prices go up even further is accelerating the buying timeline," says Hale. The average rate for a 30-year fixed-rate mortgage was just 2.88% in the week ending Oct. 1, according to Freddie Mac.

Just over two-thirds of millennials surveyed, 68%, have been able to boost their savings during the pandemic. And nearly half, 45%, are expecting to receive financial assistance from family and friends in paying for their new home.

Despite the extra money, more than half want to find a property that's on the affordable side of the price spectrum. About 36% want an entry-level home priced at or below $200,000, while 28% hope to find one priced between $200,000 and $350,000. About a third, 37%, are seeking a property with a $350,000 price tag and up. (The median home list price was $350,000 in September, according to the latest data from realtor.com.)

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