Why are millennials so important to the real estate market?
Why are millennials so important to the real estate market? The reason millennials are really important to the real estate market is that, in the next 5 years, they will be the majority of the buyers for housing property.
According to CMHC, they will account for nearly half the mortgage in the next 5 years. So who is a millennial? A millennial is an individual who was born between 1981 and 1997. They share very unique characteristics when it comes to buying a home. They prefer functional space rather than an abundance of space. This can be attributed to the “laziness” they are said to have or the way they prioritise their time. Millennials generally don’t like to do housework, so chores to upkeep a property that is abundant is space is not ideal.
Second, it is more preferable if a house has an open concept with a lot of natural lighting. Millennials have a lot of energy and want to live and thrive in a space that reflects that, therefore an open concept with natural lighting is a popular favourite.
Third, millennials are drawn to a more modern style aesthetic. Modern style homes are in a way, an indication of moving forward.
And lastly, the location is EVERYTHING! The proximity the house has to our preferred and current lifestyle is very important. It is key for the house to have a location that is close to the workplace, recreational spaces, and favourite restaurants.