In the United States, there are over 72 million millennials. If you’re part of that generation and have thought about buying a home, you aren’t alone. According to Zonda, 98% of millennials want to become a homeowner at some point if they aren’t already. But why? There are plenty of reasons you may choose to become a homeowner. Here’s why other millennials have made that decision (see graph below):
This graph shows why millennials are buying homes according to Zonda’s 6th annual millennial survey. The top reasons include building equity, a change in life stage, wanting stability, rising home values, and wanting to make somewhere truly their own. Here’s a look at each in more detail.
Building equity – Homeownership is a long-term investment that allows you to build wealth, increase your net worth, and become more financially stable. Beyond that, the alternative to owning a home is typically renting. With the way rents have risen so dramatically over time, it may make sense to build your own equity instead of the equity of the person you’re renting from.
A change in life stage – As a millennial, you’re reaching your prime homebuying years. That means you may be at the point where you need more space or a different location.
Stability or settling down – This could mean establishing your career or just generally deciding more concretely what you want your life to look and feel like. As that idea becomes clearer, you may want to establish that lifestyle in a particular place and put down roots.
Rising home values – By purchasing a home, you own an asset that traditionally increases in value over time. That can mean your home will have a higher resale value if you decide to move again.
Wanting to make somewhere “mine” – Owning a home gives a sense of freedom because you can customize it however you want, make updates as you see fit, and be yourself in a place that’s solely your own.
Bottom Line
There are plenty of great reasons why millennials are buying homes today. If you’ve thought about becoming a homeowner and any of these reasons resonate with you too, let’s connect to explore your options.
The Local Mortgage/Sales Numbers
Escambia County
Escambia
Month | Closed Sales | % Change Year Over Year |
Feb 2023 | 345 | -22.6 |
Jan 2023 | 304 | -28.0 |
Dec 2023 | 375 | -31.7 |
Nov 2022 | 321 | -31.1% |
Oct 2022 | 438 | -15.8% |
Sep 2022 | 459 | -13.1 |
Aug 2022 | 518 | -2.1% |
Jul 2022 | 505 | -9.8% |
Jun 2022 | 592 | -3.6% |
May 2022 | 583 | 16.8% |
Apr 2022 | 522 | 0.2% |
Mar 2022 | 565 | 2.5% |
Feb 2022 | 446 | 14.4% |
Information from Florida Realtors
Santa Rosa County
Santa Rosa County
Month | Closed Sales | % Change Year Over Year |
Feb 2023 | 257 | -35.8 |
Jan 2023 | 228 | -27.2% |
Dec 2023 | 330 | -30.2% |
Nov 2022 | 281 | -31.3% |
Oct 2022 | 331 | -34.5% |
Sep 2022 | 373 | -20.1% |
Aug 2022 | 427 | -15.3% |
Jul 2022 | 410 | -20.1% |
Jun 2022 | 492 | -11.5% |
May 2022 | 447 | -4.1% |
Apr 2022 | 421 | -7.9% |
Mar 2022 | 460 | -0.4% |
Feb 2022 | 400 | 9.6% |
Information from Florida Realtors
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The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Skip Geiser LLC. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Skip Geiser LLC. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
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