Will your neighbors’ millennial children (or your own) ever move out into their own homes? More than 76% of millennials report they’d like to buy a home, and real estate trends correspond with this, pointing to the high traffic volume on online real estate platforms. Millennials want to make a move, but why aren’t they opening the door? The answers are surprisingly simple.
Affordability is a major issue in the vast majority of U.S. cities. With a low to no affordable housing supply, demand has pushed prices into the ‘are you kidding me’ category for a generation who’s battling baby boomers for job positions. Underemployment and fickle freelancing, with its irregular cash flow, are rampant.
Give Me Some Credit
Getting credit for a home is likewise tough, and the country’s student loan debt crisis isn’t helping matters. Over 44 million borrowers owe $1.3 trillion in outstanding student loans across the U.S. The average ‘Class of 2016’ student is graduating $37,172 in debt, a number which has risen over the past 5 years.
Could You Hand Me a Band-Aid?
In the long-term, builders (with some incentive from local government), could help heal affordability issues. Added federal programs: (1) may or may not increase access to financing; and (2) find creative ways of dealing with student loan debt. But how can you tap into this market now?
Let the Bidding Begin
More millennials are buying auction properties than any other age group, with market changes breaking down previous barriers to entry. Buyers under 35 are the most likely to purchase a home in foreclosure. Here, marketing such listings to the public via an online strategy can net you great results in the millennial market. With a good listing video, a total online purchase isn’t out of the question for this genre.
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