Changing Millennial Home Buying Standards

Changing Millennial Home Buying Standards

Millennials  - Trending Home-Buying Standards

Quick facts on trending Millennial home buying approaches in overcoming down payment issues: (Source 2017 Zillow Group Report).

  • Only 39% submit offers with traditional 20% down payment,

  • 21% offer a minimum 5% or less,

  • 23% report difficulty in qualifying for a mortgage loan,

  • 43% are having trouble in finding out what they can afford,

  • 71% are to be first-time buyers,

  • 62% , at the same time, search for back-up rental possibilities; just in case,

  • 29% look for and ask for down payment help from family, friends, etc.,

  •  Most are in fast-growing areas where the market is highly competitive,

  • Down payment build-up is heavily impacted by high and ever rising rents.

Other data:

  • Over 53% of Millennials make multiple offers on homes they desire,

  • 37% do not keep to their financial plan causing potential future selling issues,

  • Today’s typical homeowner still owes 62% of their home’s estimated value,

  • An estimated 46% of millennial sellers won’t sell at their desired price,

  • While as other generations, they will find a way to tackle the money issue.

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Dated: October 10th 2017
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