Why Are Millenials Taking Longer to Buy a Home?

Real Estate Podcast with Amy Wengerd

I’m discussing why millennials aren’t buying homes like previous generations and their reasons for it. We are noticing a trend with our millennial buyers, which are people currently between the ages of 23 and 38. We’re observing that they’re taking longer to buy a home than older generations. They may seem eager to buy, but 75% of millennial buyers say they’re overwhelmed by the process of purchasing a house. Younger adults have a lot on their minds. Studies show that millennials have many concerns, from job stability and relationships to the economy and the 2020 election. 47% of millennials say that growing up during the housing crisis has made them anxious about buying a home. This is because more than half say their family or someone they knew lost a house during that period. “A goal without a plan is just a wish.” We get it; this can all be very overwhelming. However, one of my favorite quotes reminds us: “Where there is no risk, there is no reward.” We aren’t saying you should buy a home right away and without a plan. However, I encourage you to start your plan, write down your housing goals, set time frames to meet those goals, and take steps needed to achieve them. Remember: “A goal without a plan is just a wish.” We can provide a private, risk-free consultation to help you compose a plan for buying a house. We can help you figure out how much you can spend on a property. It’s painless and can be done in minutes or even online. Then you can start to get excited about homeownership. We are here for you no matter what stage in the process you’re in. Inaction usually comes from fear, but knowledge can often make that fear disappear. Please call or email us today to discuss this topic further or if you have any questions. We’re here to help, and we can’t wait to speak with you.