There seems to have been a resurgence in restoration since 2016 and according to research from the New York Times and the National Association of Realtors, the majority of those home buyers are millennials.
It’s no secret that millennials have different priorities but what exactly are those priorities and more specifically, how do they apply to the housing market? For a number of reasons such as student loan and medical debt, millennials aren’t buying new houses like generations prior to them because millennials aren’t opposed to buying outdated homes that need a little TLC.
As high as 61% of millennial home buyers in 2019 said they would consider buying homes needing plumbing and electrical renovations. While this would seem odd to a Boomer, millennials don’t fear a little renovation. It’s not that millennials don’t have money! Recent millennial home buyers are earning anywhere from $56,516.00-$72,000.00 per household.
A study done by MakeLemonade determined that millennials simply don’t want to be tied down by any more debt than they have already accumulated in college. Student loan debt is now the second-highest consumer debt category behind mortgage debt and 74% of consumers are millennials.
BuzzFeed found that another factor comes into play for millennials purchasing their first homes too: NO KIDS. So the unsafe conditions of an old home needing a new paint job can wait a few months before it’s tended to without curious tots roaming around. Obviously new parents don’t want to raise their children in dangerous places but luckily only about half of millennials are parents, that’s 9% less than gen x home buyers.
If a home comes with a few projects, millennials are the generation of patience, known for making gradual renovations over time. Up-and-coming cities like Denver, Portland, Boston and Philly are attracting more millennials than ever and these guys are dying to buy turn-of-the-century homes and condos in downtown historic districts.
If you are a millennial homebuyer with that perfect fixer-upper, call LIME Painting today and let us help as you go. At LIME Painting we can go at your pace and set-up a schedule for upcoming renovations that best suit your needs. Call today (720) 708–7807 to set up your free consultation.