When it comes to the millennial generation, many have assumptions made up in their head of what a typical millennials financial choices are. However, how do you know what is primarily false or true with this generation? Parry Custom Homes, a premier Pittsburgh on your lot builder, shares feedback from a recent article by CNBC explored this generation more and the financial choices they are making that may surprise you.
The study found that the aspirations of millennials and past generations remain the same, it is just that it might take the millennial generation longer to be able to afford the same things as their previous generations.
Successful companies such as Netflix, Uber and Spotify often lead people to believe that the future is more about renting than owning. However, when it comes to big purchases that doesn’t seem to be the case with millennials as most people might assume.
Currently about 53% of millennials own their own home and an overwhelming 88% of millennials aspire too when they can financially afford it. Although the sharing economy is thriving, millennials still plan to and when they can afford too, purchase their homes and cars opposed to renting or leasing them in the vast majority.
Another myth when it comes to millennials is that they are afraid to put down roots. This was also found to not be true, as millennials are buying homes in both rural and metropolitan areas when they have the financial means to do so.
Although this generation may be transitional when it comes to what they choose to purchase and their consumer preferences, the core big ticket items such as a car and a home are things that they are still wanting to purchase and can when they have the financial means to do so.
However, something that may be higher than in past generations is that a good portion of millennial homebuyers will buy a home to rent it or be a landlord, opposed to just living in the home as the sole purpose of purchasing it. The popular Airbnb craze can be partially to blame, as they see their home as an opportunity to make money as well.
So, if you are a millennial in the market for a new home know that you are not alone. And if you are an older generation shopping for a new home, know that you may compete against or live next to a millennial in your next home purchase!
Parry Custom Homes is an established homebuilder in the Pittsburgh area. Call or contact us today for more information.