Millennial Renters are looking to make the move!

Millennial Renters are looking to make the move…to home ownership!

It appears that renters are on the hunt for homes! Due to the COVID-19 pandemic of 2020 researchers have found that more people are online now more than ever before and searching for their new home! 58% of Millennial renters agreed that since the pandemic struck over a year ago, they have wanted to become a homeowner. Likely, due to the fact of quarantining and being inside the home most of the year.

The study also found that renters looking for new homes wanted amenities including access to open spaces by having a balcony, porch, deck, or patio rather than having a large yard, and this was the highest ranked trade-off. This makes perfect sense for entertaining friends and family and getting in that much needed fresh air after being quarantined inside for months.

Being downtown is also not of top priority for these millennials. Renters are willing to move to a different location to buy a home if the price is right. A “different or less expensive location” was the second most cited trade-off. Within a six-month period, between April and October of last year, the acceptance rate of moving to a rural area increased by 8%. This is to be expected since homes in rural areas are less expensive than homes closer to downtown.

Thankfully, the digital home buying age is here to stay! Many Realtors had to get creative and focus their attention to digital platforms and tools to show homes and host open houses virtually. Sites like Zillow and Realtor.com make it easier for all age groups to view homes in the comfort (and safety) of their own home.

Do you agree with these facts presented in the study? Read the full article here.

If you are a renter and are looking to buy your first home, reach out to one of our team of trusted REALTORS to help you with the home buying process.