Fifty-three percent of millennials own homes and overall,
88 percent of millennials who do not own a home have one on their wish list.
The sharing economy is here to stay and has changed how many people work and
live. But it doesn’t mean that traditional purchases such as cars and homes are
less enticing to millennials.
Check any average millennial’s top-ten purchase list and
you’ll find things like energy drinks, tattoos, Sriracha sauce, and organic
food, according to the Millennial Study 2017 performed by Accel + Qualtrics.
And, smack dab in the middle of the list is none other than a home, despite the
equally high value millennials place on maintaining their mobility. What
remains in question is not if millennials want to buy but how. According to
founder of Gen Y Planning and a member of the CNBC Digital Financial Advisor
Council, Sophia Bera, millennials are definitively transitional and their views
on homeownership follow suit. She states, “I am seeing people go from renting
to buying and renting again to buying again, as opposed to buying and holding
that property for decades.” And, despite their nontraditional, vagabond-style
consumerism, millennials remain fearless to put down their roots even if they
quickly dig them up and plant anew.
In an ever-changing, accelerated world, the new wave of buyers have, in the past, been shown to take the consumer express lane, preferring online renting options while bypassing ownership of all kinds altogether. According to CNBC, "The success of start-ups like Netflix, Spotify, and Uber have led to predictions that future Americans will choose not to own and drastically shape the future consumer society." But, as of late, millennials are busting open that myth in terms of the way in which they approach homeownership, proving that they are not that different from past generations in their hunger to own a home. And, as millennials are now reaching their peak spending years while the world keeps turning at an even fast hurried pace, "The number of millennials who aspire to own homes holds steady whether they live in metropolitan or rural areas," says Mike Maughan, Qualtrics head analyst. Apparently, amidst a millennial world consumed with change, the dram of owning a home quite simply, won't.
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