Source: Yahoo Finance —
When it comes to real estate, millennials and Gen Zers share a lot more in common than the two generations may realize. GOBankingRates spoke with several real estate professionals to learn what millennials are seeking in real estate, what Gen Zers prioritize and where the two generations overlap with their home ownership needs.
Millennials Understand Their First Home May Not Be Their Dream Home
“Currently, millennials account for the largest demographic of homebuyers and are shifting the housing market.” said Phil DeGisi, chief product and marketing officer of Orchard.
DeGisi said first-time millennial buyers are entering the market comfortable with the fact that their first home may not be their dream home. This understanding in a competitive market allows millennials to see home ownership as an opportunity to build wealth. As a result, millennials are more open to multifamily housing options, like condos and quadruplexes, as their first home.
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I’m beginning to think millennials should consider a commune type living. Like a few plus friends who are able to afford and be able to live with each other, go in on one home. Say, 5 years later, then sell and either continue to next home or go off on their own.
Example, large home they can each put down 200,000 each. 5 friends can buy a pretty nice house for a million.