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DD Web • Apr 09, 2019

It’s a Gen-Y Thing: Millennial Home Buyer Trends in 2019

Embracing the avocado upcharge and boasting an impressive vinyl collection are days of yore. Now, millennials are pursuing homeownership and becoming the driving force in the residential real estate market, a role they’ll likely continue to play for decades to come (*humble brag*). As the older millennial demographic and largest cohort in America approaches their late 30’s, it’s no surprise that an increasing number are looking to plant their roots, purchase a home and start a family. (Take the baton, Gen Z!)

According to the National Association of Realtors (NAR) 2019 Home Buyer and Seller Generational Trends report, older millennials had the largest buyer share of married couples (69%) and were the most likely to have children under the age of 18 living at home (58%). While the majority of homebuyers in all age groups are married couples, single buyers and unmarried couples continue to make a mark on the real estate market.

Here are a few highlights from the report:

Millennials overall remain the largest generation of homebuyers (37%) making them the most active generation of buyers for the sixth consecutive year.
86% of Younger Millennials and 52% of Older Millennials were first-time homebuyers, more than other age groups.
1 in 4 Younger Boomer and Silent Gen buyers are single females, with many entering the market after a divorce or death of a spouse.
Older Millennials are most likely to have children under the age of 18 in the home (69%)
Gen Xers are now most likely to buy a multi-generational home (16%) either because adult children moved back home or never left.
Younger Millennials purchase homes through agents, with the highest share of any generation (92%)
As older millennials (age 29-38) are now entering the prime earning stages of their careers, and the size and costs of homes they purchase reflect this. Their choices are falling more in line with their Gen X and boomer counterparts. Older millennials reported a median household income of $101,200 and purchase homes with a median price of $274,000, comparable to Gen Xers and younger boomers.

Younger millennials (age 21-28), meanwhile, are purchasing the least expensive homes and smallest homes ($177,000 and 1,600 square feet), meaning they face the greatest challenge in finding affordable inventory. They reported a median household income of $71,200.

In addition, millennials are choosing to plant roots in Salt Lake City, Minneapolis, and Pittsburgh at higher rates than in any other of the nation’s 50 largest metro areas. Salt Lake City currently ranks #1 hottest millennial housing market in the nation, according to a report done by Lending Tree that analyzed new purchase mortgage requests. Utah’s capital city had 51% of purchase requests coming from millennials, with 28 as the average age of home buyers and $234,391 as the average millennial requested loan amount.

While millennials are often stereotyped as adolescents, the reality is that this generation is moving into or well into adulthood, with many of them actively pursuing careers, having children and buying homes. The biggest challenge for millennial homebuyers is securing enough money for a down payment. Younger millennials were the most likely to say saving for a down payment was the most difficult task in the home buying process, with the majority reporting that student loan debt delayed their home purchase (61%). However, they indicated that this particular debt only delayed them a median of two years − the shortest delay of all generations.

Welcome to homeownership, Gen Y!

Do you know WHO picks your Title Company?

By Stephanie Cline • 29 Mar, 2024
Hey there, future homeowner! So, you're diving into the wild world of real estate, huh? Exciting times ahead! 🏡 But hold up – before you pop the champagne, let's talk about something crucial: choosing your title company. Now, who gets to decide on this? Spoiler alert: it's you! Sure, your real estate agent or lender might throw a few suggestions your way, but ultimately, the choice is yours. So, let's make it count! First things first, do some snooping around. Check out different title companies online, ask your pals for recommendations, and see what vibes with you. You want someone reliable, experienced, and who's got your back, no matter what. Oh, and don't be shy – ask questions! Seriously, grill them like you're on a first date. How long have they been in the game? What's their process like? And most importantly, can they handle your quirks and concerns like a champ? Remember, this isn't just about paperwork – it's about peace of mind. Your home sweet home is a big deal, so choose a title company that feels like the perfect fit. Trust me, it'll make all the difference when it's time to pop those keys in the door!

February Giveback- For The Kids

By Stephanie Cline • 29 Feb, 2024
February is not just about Valentine's Day chocolates and romantic gestures; it's also about spreading love and kindness to those who need it most. And boy, did we have an amazing time doing just that with our February Giveback! This month, we teamed up with the incredible For The Kids nonprofit to make a difference in the lives of children in our community. And let us tell you, it was a heartwarming experience from start to finish. First things first, our team rolled up their sleeves and dove straight into action. We spent a day volunteering, packing a whopping 100 meals to be delivered to those in need. The joy of knowing that these meals would bring smiles to the faces of children warmed our hearts in ways we can't even describe. But we didn't stop there! Oh no, we were just getting started. With our sleeves still rolled up and our spirits soaring, our very own Joe packed the truck with all those delicious deliveries for that Friday. The excitement was palpable as we imagined the happiness these meals would bring to families across our community. And guess what? Our amazing supporters rallied behind us in full force! Through their generosity, we collected over 100 additional items to donate to For The Kids. From canned goods to pantry staples, every single donation meant the world to us and to those we're helping. As we reflect on our February Giveback journey, we can't help but feel overwhelmingly grateful. Grateful for the opportunity to make a difference. Grateful for the support of our community. And most of all, grateful for the chance to spread love in every way we can. It's worth mentioning that our dedication to For The Kids goes way back – we supported their mission back in 2021, and we're committed to continuing this beautiful partnership for years to come. To everyone who volunteered, donated, or simply cheered us on from the sidelines – thank you. Thank you for believing in the power of kindness. Thank you for joining us on this incredible journey. Together, we're making the world a brighter, happier place, one meal and one smile at a time.

Nova Reveal 2024!

By Stephanie Cline • 31 Jan, 2024
The curtains have risen, the confetti is in the air, and we are ecstatic to share the electrifying plans Novation Title has in store for 2024! This year's big reveal event was nothing short of a spectacle. Hosted on Zoom, it was a virtual fiesta with most of our incredible team. We kicked off the event with a bang, unveiling not just launches but also insights from a unique case study involving over 250 Agents. Picture this: a backstage pass to what the real estate game-changers need in 2023. It's a report that's about to revolutionize the way we navigate the real estate landscape. There were reminders of the tools that spark creativity at Novation Title – from ecording rooms to meditation rooms. We also shared all about Nova Connect, and an exclusive savings opportunity. A mic drop moment, unveiling our Referral Program, updated Diamond Partnership and Diamond Plus perks, and our Nova Show: Real Estate Records Podcast now with fresh episodes every week. As if that weren't enough, Novation Title is officially rocking the YouTube scene as of Season 3! The website got its moment in the spotlight as we went through its hidden treasures. Real Estate Pop Bys, the Title Rate Calculator – it's like a digital treasure hunt. And let's not forget the Nova Academy Calendar, our roadmap to success with all of our class schedules. Speaking of Nova Academy, we shared the excitement about upgraded classes tailored to your needs. Learning just got a whole lot more thrilling! We put the spotlight on Nova Stories – and how we have updated this experience to help you. Lights, camera, action! Novation Title's values – the Give Backs that have shaped our community. From Primary Children's Hospital to Sub for Santa, we've been making a difference for over six years. We are so excited for all of our upcoming community services. Novation Nation, are you as pumped as we are? The future is now, and we're ready to take 2024 by storm. Stay tuned for more updates, adventures, and game-changing moments from Novation Title. Here's to an extraordinary year ahead!
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