National Home Ownership Month
Millennials move to homeownership by Bailee Wicks
Communications Manager
thus making it more affordable to live further away from a job and commute to work than to live close by.
June is National Home Ownership month and BIAW celebrates by highlighting the American Dream of home ownership for a large generational group, millennials.
According to the report, 73% of millennial prospective buyers were already active buyers in the first quarter of 2021, an increase from 54% a year earlier.
Interest in home buying has not slowed down this year, in fact it has risen just as the supply of housing has decreased. Among the different generational groups, millennials, those born 1981 to 1996, are showing the most enthusiasm when it comes to purchasing a home.
Several factors are driving this trend. Buyers are afraid of missing out on still relatively low mortgage rates. The pandemic has also increased the desire for more space at home. For example, another recent NAHB study on consumer preferences revealed that 63% of recent and
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73% of millennial prospective buyers were already active buyers in the first quarter of 2021, an increase from 54% a year earlier.
According to the latest Housing Trends Report by the National Association of Home Builders (NAHB), millennials are the most likely generation to have moved on from planning a home purchase to actively searching for a home to buy in the first quarter of 2021.
prospective homebuyers want a home office for the accessibility of working from home. Another factor influencing home buying is the desire to move to the outlying suburbs. In the larger cities, the prices of homes are much higher than outlying neighborhoods,
Millennials also continued a positive outlook about housing stock in regards to the near future. The share of millennial buyers who expect housing availability to ease up in the months ahead rose decisively between the first quarters of 2020 and 2021, from 26% to 42%. In contrast, the share declined slightly among the other generations. In terms of the actual number of homes for sale (that buyers like and can afford), 40% of Americans reported seeing more of these homes available in the first quarter of 2021 than the previous quarter, up from 31% a year earlier. The pandemic changed many aspects of our everyday lives, but the urge for more space and a permanent residence rose drastically. Millennials are just one of the many groups trying to find and afford a home in Washington during the housing supply shortage. Owning a house creates generational wealth and financial opportunities and that goal should be achievable for all. If you have any questions about the housing trends report or home ownership month, contact BIAW Communications Manager Bailee Wicks at baileew@biaw.com or (360) 352-7800 ext. 143. june 2021
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