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Millennials are Saving to Buy Homes!

Millennials are Saving to Buy Homes!

Millennials are Saving to Buy Homes!

A recent article featuring new data on Millennials reached some surprising conclusions regarding their buying habits and attitudes towards housing. According to a Business Insider article, the realities concerning Millennials differ dramatically from commonly held perceptions and ideas. As it turns out, this is a group of “big ticket” buyers.

New research has revealed that Millennials are shopping in stores and not exclusively online. Further, they are saving more money than other groups and they have every intention of buying a home. According to surveys, 64% of Millennials state they will buy a car in the next 2 years and are planning on buying homes as well.

A Focus on Savings

In recent years, there has been no shortage of news stories outlining the horrors of Millennials living at home, devouring their parent’s food and generally refusing to grow up and get lives of their own. Yet, these assumptions mischaracterize the group as a whole. According to the study, although Millennials are delaying marriage, having kids and buying a home, they are doing something else that is quite important …. saving money! So those who might be worried that Millennials are irresponsible and will not be able to support the massive Social Security system in the future can breathe a sigh of relief.

Surprisingly enough, a whopping 74% of the Millennial respondents in the survey stated that they are saving money on a monthly basis. Millennials are not just saving, but once again, they are saving to buy a home and even saving for retirement. So much to the relief of our older generations, the notion that Millennials will never own a home because they are too busy wasting their money on expensive and luxurious avocado toast appears to be inaccurate.

A Group Achieving their Dreams

The housing crisis of 2007, the student debt taken on for jobs that were never created and the assault on the middle class have all raised hurdles for the Millennials, but these issues are not keeping this group of younger adults out of the house buying game. The dream of home ownership may be deferred, but the dream is and has always been there.

Silverado Homes is ready for our Millennial friends. The price point and flexibility that we offer makes us a perfect fit for those in their twenties and thirties looking to buy their first home. We can relate to you, as some of us are Millennials ourselves.

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