5 Reasons Why Millennials Are Choosing to Buy Now

More and more millennials are buying today, and it’s not only because of the low interest rate and high chance of gaining positive equity. Other reasons include pride of home ownership, a place for their pets, and sense of security. Check out these five reasons why millennials are choosing to buy now.

Millennials Are Choosing to Buy Homes Now for 5 Key Reasons

To have control over their home

Many millennials are dreaming of the day when they no longer have security deposits for their homes, and are able to paint the walls whatever color they’d like. Millennials also prioritize pets when it comes to a place to live, and are excited when they no longer have regulations on what types and how many pets they can own. Additionally, renovating old spaces is becoming more and more popular, so millennials are buying now so they can have full control of their home, even if that means renovating the entire thing. Owning a home gives millennials full reign in how they live their life, so it’s encouraging millennials to buy now.

To have a sense of privacy and security

Renting an apartment in a complex, or a room in a shared home, opens up the opportunity for packages to get lost and personal belongings to get stolen. Millennials are buying now so they can be sure that they know exactly where all of their stuff is, and frequently install their own security system so they always have peace of mind. Millennials also enjoy entertaining, but do not necessarily like hearing other gatherings when they are trying to unwind. Owning a home gives millennials that peace and quiet that they like, while also opening up the opportunity for them to host gatherings when they see fit.

To live in a nicer home

A lot of times when millennials are going to school, or have just graduated and are looking for a job, living in a nice house isn’t the number 1 priority. However, once they do find that job and have settled into an area, millennials want to live in a nice space they can call home. They want a home that is nicer than the apartment they rented in college. Owning a home allows you to decorate, renovate, and freshen up a living space, and for this reason millennials are eager to buy a home now.

To feel engaged in their community

Millennials are all about giving back and making relationships. Millennials want the sense of community when they buy a house. They want to see kids riding their bikes in the summer, and want the HOA to host community events so the neighborhood can get to know each other. Living in a space where you don’t know how long you will be there (i.e., temporary apartment) doesn’t allow the sense of community that millennials are itching for. The stakes are raised once a millennial’s home is directly involved with the house value of the neighborhood.

To investment

Of course millennials are also buying now since interest rates are low and chance for positive equity is high. Millennials plan for the future and want to make a smart investment that will allow them to have flexibility in future decisions. Owning a home allows a millennial to see their monthly home cost as a savings account that can be borrowed against in the future. Having this option available in uncertain times is just another reason why millennials are feeling the security of buying now.

You might also like: Understanding Mortgage Rates for First Time Home Buyers

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The Fornerette Team at Fairway Mortgage in Tacoma works with Millennial home buyers every day! We know that the first time you buy a home presents the steepest learning curve and may be the most challenging, financially, for young buyers. Feel free to reach out to our team with your questions about home buying or the home loan pre-approval, underwriting or funding process. We’d love to help!