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Millennials: Need a home with more space?

Tuesday, March 1, 2022   /   by Ken Couture

Millennials: Need a home with more space?

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If you're a millennial, you might be thinking about buying a house. According to the National Association of Realtors, your generation is the largest group of homebuyers in the market now and has been since 2014. (NAR). While many millennials are hoping to buy their first house, you may be one of the many who has outgrown your current residence.

If that’s the case, you’re not alone. The past two years brought about significant changes for many people, and today, homeowners are reevaluating what they truly need in a home. As a recent report from the Wall Street Journal states:

“They say the pandemic and the emergence of remote work accelerated millennial home-buying trends already underway. . . . Millennials who already owned homes traded up for more space.”

So, whether you're currently working remotely or just need more space, it might be time to relocate. Even if you bought your existing house recently, you may still move into a new one with the size and features you desire. That's because there's a high chance you own more property than you think. As CNBC's Real Estate Correspondent Diana Olick points out:

“The stunning jump in home values over the course of the Covid-19 pandemic has given U.S. homeowners record amounts of housing wealth. . . . Even homeowners who weren’t listing their properties for sale were gaining equity. About 42% of homeowners were considered equity-rich at the end of last year, meaning their mortgages were half or less than half the value of their home.”

Growing your equity might be the catalyst for your next move, especially if you want to buy a bigger house. When you sell your present home, the equity you get can be utilized to put toward a down payment on your future property.
In other words, you may have more purchasing power than you know, making a move to a larger home a viable choice. That, along with your changing demands, may make relocation now more appealing than ever.

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