Top 7 Factors Why Millennials Are Buying Homes Amid The Pandemic

Top 7 Factors Why Millennials Are Buying Homes Amid The Pandemic

millennials are buying homes amid pandemic

For years, it has been noted that millennials prefer home renting rather than home ownership. They embraced the badge of being the generation that shied away from buying a home. New insights from property experts, however, revealed that this reality is fast changing, interestingly in the midst of a pandemic.

With the recent figures in the real estate industry, millennials are actually hitting the property market and pushing through with purchase decisions. This age group contributes a great percentage of home buyers during the lockdown. In fact, their market segment in the industry has increased as these millennials are buying homes amid pandemic!

Here’s a rundown of the factors that have contributed to the millennials change of heart:

1. FINANCIAL PRIORITIES. With little to no outlet for retail or leisure splurges given the travel restrictions and community quarantine measures, it is likely that the market segment has decided to redirect their finances to long-term investments, such as housing.  While staying at home for long periods, they’ve started to reflect more on the ideal space they need and want.

2. BETTER DEALS. It helped the industry convey for people to realize the value of home ownership. Property developers are offering good promos. Some have reduced prices attractively, while others have provided stretched terms on down payment, while allowing buyers to move in before completing the installment. All of these help bolster the buying power of the millennial market.

3. VIRTUAL WORKS. As staying home became the new normal in the last few months, most Gen Ys have considered moving to a decent place, which they can call their own and would accommodate their lifestyle demands, most especially the work-from-home set-up.

4. SUSTAINABILITY. Energy-efficiency is something the millennials are big fans of. It allows them to reduce carbon emissions and save money in the long run. At the most basic, they are on the lookout for homes that have solar panels. With most of life spent indoors now during this pandemic, consuming electricity for work, school, and household chores, a solar-powered home makes a big cut on energy expenses.

5. TECHNOLOGY. As mentioned earlier, the desire to live in a remote-work-ready home is one of the reasons millennials have decided to shop in the property market. A stable internet connection is a must-have to support the demands of the work-from-home set-up, from constant teleconferencing meetings to regular uploads and downloads of documents.

6. CONVENIENCE. Since professional responsibilities made its way home, there’s a demand for a residential space that takes away the hassle of personal obligations. In this regard, location plays a big role. Most millennials would want to move into integrated communities or at least near essential establishments to make errands to the bank, supermarket, or hospital less stressful. A convenient location lets them focus better on the most important work.

7. HEALTH & SAFETY. Of course, this will be in the must-have list of aspiring homeowners today. But for the millennials, it’s a big consideration, given that they’re at the age when they’re having kids and growing the family, or on the flip side, caring for elderly parents. A home that features a lot of open space or is located in a sparsely-populated area emerges as an essential to let growing children and older folks experience leisure without worrying about physical distancing.

The millennials are buying homes amid pandemic and they are deviating from the long-held title “renting generation.” Buying real estate is indeed a large milestone into their future! Need more information? Call CPD Homes at 216-619-4387 or visit! We’ll be more than happy to assist you!

Keeping Your Home Clean and Safe Amid New Covid19 Variant

The new corona virus variant is on the rise, and while authorities are doing its best to keep everyone safe,...
Read More

Top 5 Reasons On How Market Research and a Survey Can Make Your Real Estate Business – A Success!

If you’re into the real estate business, you’ve probably heard about market research and read customer satisfaction feedbacks and surveys,...
Read More

Top 7 Factors Why Millennials Are Buying Homes Amid The Pandemic

For years, it has been noted that millennials prefer home renting rather than home ownership. They embraced the badge of...
Read More

Top Ten Tips on Getting Real Estate Leads Without Upfront Cost

Nowadays, if you don’t have any leads or prospective buyers and sellers, you won’t be able to help people buy...
Read More

Top 7 Signs You Hired a Bad Contractor

Getting a house contractor and working with the right one is crucial to every real estate investor’s profitability and success....
Read More

Top 6 Tips on Real Estate Digital Marketing to Millennials!

For several years now, the millennial generation have become the largest age group of homebuyers in the US, and perhaps...
Read More

Top 6 Photo Editing Apps & Solutions for Real Estate Marketing

Venturing into real estate photography takes a lot of skills, photography talent, and awareness of workflow and deadlines. Marketing your...
Read More

Top 8 Traits That Make A Good Real Estate Agent

Every real estate agent knows that a property is more than just walls and roofs, it’s also about people. They...
Read More

5 Tips To Sell Your Home Safely During The Pandemic

The coronavirus pandemic is a life-changing experience for most industries and real estate is not an exemption. While some home...
Read More

Top 10 Tips To Prepare When Planning A Spring Home Selling!

Spring unofficially runs from March 1 to May 31 and is now being felt. While winter isn’t over yet, everyone...
Read More

Follow by Email
Visit Us
Follow Me

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.