RISMedia
  • News
  • Premier
  • Publications
  • Events
  • Education
  • Newsmakers
  • Power Broker
No Result
View All Result
  • Agents
  • Brokers
  • Teams
  • Marketing
  • Coaching
  • Technology
  • More
    • Headliners New
    • Luxury
    • Best Practices
    • Consumer
    • National
    • Our Editors
Join Premier
Sign In
RISMedia
  • News
  • Premier
  • Publications
  • Events
  • Education
  • Newsmakers
  • Power Broker
No Result
View All Result
RISMedia
No Result
View All Result

Important Findings Revealed in 2022 Millennial Home Buyer Report

Home Agents
By RISMedia Staff
January 24, 2022
Reading Time: 2 mins read
Important Findings Revealed in 2022 Millennial Home Buyer Report

The 2021 housing market was the most lucrative—and competitive—ever recorded in U.S. history.

Fierce demand driven by historically low interest rates combined with limited inventory made conditions ripe for a boom. Home values swelled at a record-setting pace, spiking nearly 20% from September 2020 to September 2021. The historic rise exceeded the former highest yearly increase of 14%, which came prior to the 2008 crash. Although the market is starting to cool, buyers still face many obstacles.

A wave of first-time millennial home buyers entered this explosive market eager to own homes and raise their families. However, to afford homeownership in a competitive market, millennials are willing to take risks, including buying a home sight unseen (90%), purchasing a fixer-upper that needs major repairs (82%), and offering above asking price (80%), according to a study from Clever Real Estate.

The most common way millennials responded to the market was by increasing their budgets, with 46% expecting to max it out completely. The study found that one-third plan to purchase a home that costs more than around $405,000—the median U.S. home price.

Still, desperate buyers are more likely to experience financial remorse. About one-quarter of millennials who already own a home suggested their mortgage is too high.

The report revealed much more about the U.S.’s largest cohort of homebuyers.

Additional report findings:

  • 90% of millennials would buy a house sight unseen, a 10% increase from 2021.
  • One in six millennials would be willing to offer $100,000 or more above asking price for their dream home.
  • Nearly half of millennials (46%) expect to max out their budgets when buying a home, with one-third (33%) planning to purchase a home that costs more than the median U.S. home price of about $405,000.
  • Most millennials (82%) are more likely than boomers (62%) to purchase a fixer-upper, but one in four regrets doing it.
  • 82% of millennials have more than $10,000 in savings—a 25% increase from last year—but one-third plan to put down less than 20% on their homes.
  • 92% of millennials have some debt. Of those, 70% have more than $10,000 in debt, and one in three owe more than $50,000.
  • As millennials spend less time at home, they want smaller homes—1,700 square feet on average, compared to 2,400 square feet a year ago.
  • More than half (51%) of all respondents feel stressed or anxious about homeownership, with more than 40% fearing a potential housing market crash.
  • Nearly one-third of millennials (31%) plan to live in their homes for less than five years.

The takeaway:

“This survey speaks to the competitiveness of the market and the lengths millennials will go to own homes,” Jaime Dunaway-Seale, research analyst for Clever Real Estate, tells RISMedia. “Millennials have to approach home-buying differently than their parents. They’re much more likely than boomers to purchase a fixer-upper or use technology to buy homes sight unseen. But with millennials already burdened by so much debt, making these risky decisions often leads to financial regret.”

To read the full report, visit https://www.realestatewitch.com/2022-millennial-home-buyer-report/.

Tags: Baby BoomersClever Real EstateMillennials
ShareTweetShare

RISMedia Staff

Related Posts

Building Relationships, Making Clients for Life
Agents

Building Relationships, Making Clients for Life

May 21, 2022
Court Calls for NAR to Provide Sitzer/Burnett Findings to Moerhl Plaintiffs
Agents

Court Calls for NAR to Provide Sitzer/Burnett Findings to Moerhl Plaintiffs

May 20, 2022
National Rents Hit Their 14th Straight Month of Record-Highs
Agents

National Rents Hit Their 14th Straight Month of Record-Highs

May 20, 2022
Registration Open for ‘NAR NXT, The REALTOR® Experience’ – the New Name of the Annual REALTORS® Conference & Expo
Agents

Registration Open for ‘NAR NXT, The REALTOR® Experience’ – the New Name of the Annual REALTORS® Conference & Expo

May 20, 2022
Effie Atsaves Promoted to LeadingRE Vice President, Marketing
Agents

Effie Atsaves Promoted to LeadingRE Vice President, Marketing

May 20, 2022
Fathom Realty Adds Four Members to Its New Regional Director Position
Agents

Fathom Realty Adds Four Members to Its New Regional Director Position

May 20, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Tip of the Day

Disrupter Roundup: A Beta-Way to Improve Your Social Strategy

The Playhouse app marries the recreational habit of Zillow surfing and TikTok scrolling to create an entertaining, short-form, home-viewing experience.... Read more.

Business Tip of the Day provided by
REGISTER NOW

Recent Posts

  • Building Relationships, Making Clients for Life
  • Court Calls for NAR to Provide Sitzer/Burnett Findings to Moerhl Plaintiffs
  • National Rents Hit Their 14th Straight Month of Record-Highs

Categories

  • Spotlights
  • Best Practices
  • Advice
  • Marketing
  • Technology
  • Social Media

The Most Important Real Estate News & Events

Click below to receive the latest real estate news and events directly to your inbox.

Sign Up
By signing up, you agree to our TOS and Privacy Policy.

About Blog Our Products Our Team Contact Advertise/Sponsor Media Kit Email Whitelist Terms & Policies

© 2022 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

No Result
View All Result
  • Home
  • Premier
  • News
    • Agents
    • Brokers
    • Teams
    • Consumer
    • Marketing
    • Coaching
    • Technology
    • Headliners New
    • Luxury
    • Best Practices
    • National
    • Our Editors
  • Publications
    • Real Estate Magazine
    • Past Issues
    • Custom Covers
  • Events
    • Upcoming Events
    • Podcasts
    • Event Coverage
  • Education
    • Get Licensed
    • REALTOR® Courses
    • Continuing Education
    • Luxury Designation
    • Real Estate Tools
  • Newsmakers
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2022 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.