Data shows that by the end of 2018, Millennials are expected to account for a whopping 43 percent of new mortgages — meaning nearly half of all home sales.
Verify your new rate (Oct 9th, 2018) The growing Millennial cohort According to the Porch.com Millennial Home Buying Trends Report, Millennial buyers accounted for 36 percent of home sales in the last year.
Half of Millennial homes purchased in the last year were located in the suburbs.
They were also more likely to be in small towns than those bought by Baby Boomers or Generation Xers.
“While plenty of Millennials are attracted to places like New York and Los Angeles, many are moving to more affordable cities in the Midwest and the South,” the report reads.
So-called 18-hour cities, like Columbus, Ohio and Raleigh, North Carolina, are particularly popular with Millennials, according to the report — largely because of higher housing affordability.
“As more and more Millennials have children, they’re much more likely to be concerned with affordability and the quality of local school districts (as well as how close schools are to home),” the report reads.
“They’re even more interested in being close to friends and family than other generations — a fact that challenges preconceptions about Millennials as the ‘Me Me Me Generation.’” And once they move in, painting, remodeling the bathroom, adding new carpet and landscaping are among Millennials’ first home improvement to-dos.
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