The young buyers or the so-called “Millennials” are waiting longer than other generations before entering the housing market or even thinking about buying their first home. This does not mean they don’t dream of eventually buying because they also spend an amount of time searching online and looking at listings on Pinterest and creating their own boards too!
According to a survey from Open Listings, 70% of single renters are more likely to spend their Sunday nights swiping through house listings than dating profiles. Because of this and the time they use to window shop, 45% of their generation are expecting their first home to be their “dream home”.
Millennials are willing to wait longer, save more for a larger downpayment and are a bit choosy about the listings they entertain. Waiting longer also means they are more established in their careers, therefore, are more confident in making such a large purchase. The extra money they save during that time opens their search to bigger, more expensive homes.