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Millennials buying homes in the suburbs

Categories: Home Buying Tips, Home Owner Tips, In The News, New Homes in Fayetteville, New Homes in Raleigh | Posted: May 13, 2016

 

Millennials in the suburbs

Millennials in the suburbs

If you are currently looking for new homes in Raleigh, you most likely are one of many currently looking for a new home as spring is on the horizon and the buying market is heating up. If you are looking in more suburban locations of Raleigh, you may have noticed that the age of those looking around you is younger than you might be used to or anticipated. You yourself might be a millennial looking for a new home in the suburban areas of Raleigh. Royal Oaks Homes explains why the there is a trend of younger buyers in suburbia that we may have seen in past years.

Believe it or not, the National Association of Realtors’ Home Buyer and Seller Generation Trends report recently released an article that said people who are 35 years of age and younger make up the largest group of homebuyers in the market today, and 67% of those buyers are first-time homebuyers.

What is even more interesting is that many people are under the impression that millennials have no interest in homeownership and have no interest in buying a home in the suburbs. However, this has not been the case in the most recent years as the market has reflected. Millennials continue to make up the largest share of homebuyers in annual surveys conducted by the National Association of Realtors and 2016 is no different.

So why is it that the age of those buying in the suburbs is getting younger than we have seen in years past?

As millennials age, they have become more traditional in their buying habits. This means, you can find them choosing homes in the suburbs rather than city living like many might think.

Some 35% of buyers in 2015 were millennials, up from 32% in 2014, and their median age was 30, according to NAR. Those in the ages of 36 to 50, made up 26% of buyers, the second-largest group, and had a median age of 42.

So, if you happen to be a millennial looking for a home in the suburbs in today’s market, know that you are not along and you may have a lot more in common with your new neighbors than you might have planned- age being one of them.

No matter what stage of life you may be in, whether you’re starting out with your first home or looking to downsize from your long-time family home, Royal Oaks is able to cater to all buyers in the market to help them find the right fit for their lifestyle and life stage.

 

 

Royal Oaks Building Group is a new home builder in Raleigh and Fayetteville, North Carolina. For additional information about Royal Oaks building your Raleigh new home, please call (888) 677-1502. raleigh nc home builders.

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