A growing segment of the millennial generation have determined that many life milestones must be placed on hold until they have purchased a home; approximately 25% of them to be specific. It makes sense, as most people want stability when raising a family, and a house is the epitome of “stable.” 4 in 10 millennials who purchased a home are single, and 8 in 10 are in significant debt.
First time home purchasers tend to be strapped for cash and are looking for homes between $150k and $300k to get started; thus nearly 9 in 10 millennials expressed a desire to purchase a “fixer upper.” Significantly, less than 2 in 10 millennials have a credit score of very good or exceptional (740+) [this number jumps to 4 in 10 for actual millennial homeowners though, so don’t worry]. Ultimately, owners of homes that won’t sell for much and could use work should find this news exciting, and there appears to be a growing market for those types of properties.
At the Chernov Team we understand that knowledge is power, even when it relates to market data of the millennial generation. At the Chernov Team we understand that whoever comes to the table most prepared leaves with the most, and the Chernov Team always leaves the table with the most.