While there are plenty of stories that feature millennials opting to live with family instead of entering an increasingly competitive housing market, many still remain committed to the goal of homeownership.
According to the National Association of REALTORS®, millennials are expected to form 20 million new households by 2025. That’s no small number, and there are reasons that the generation will be making their way onto the market sooner rather than later.
Here are three reasons millennials will be looking to buy this year:
They’re committed to the goal of homeownership. According to a survey, the majority of millennials consider owning a home to be more sensible than renting. They’re not moving away from homeownership—they’ve just been delaying it for financial reasons.
They’re willing to make sacrifices. Many millennials carry the burden of student debt. In order to balance their finances, they’ve taken to living at home and renting for longer periods of time than previous generations. But those lifestyle sacrifices have allowed them to save for their ultimate goal of homeownership.
They’ll consider condos. First-time millennial buyers are cost-conscious, and likely to look into condos when buying in expensive cities. They’ll be a big boost to the new construction condo market in coming years.