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DD Web • April 9, 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!
Welcome, 2020! We made it through the first week of the New Year and are already excited for what’s to come in this brand new decade. Anything can happen, and we have so much to create! Whether you’re a fan of long-term resolutions or prefer setting smaller, short-term goals, it feels good to start the year off with a desire to change for the better. If you know us, you know our approach at Novation Title has always been goal-centric, not only within our business but in our personal lives and out in the community. In today’s world where we are constantly connected (and distracted), it’s no wonder that we increasingly find ourselves overwhelmed mentally and physically drained. Often, the issues in everyday life are the ones that prevent us from enjoying the very same everyday life! How can we balance this out? We believe we can do better. That is why we are introducing meditation into our workspace. While meditation has been practiced for over 5,000 years, it is increasingly becoming a necessary way for us to unplug from the modern world. But what, exactly, is it? Meditation is a practice where an individual uses a technique — such as mindfulness — to train attention and thoughts. Mindfulness is awareness, it is a state of peace. It is being in the present moment, intentional and serene. It is the process of being aware of your thoughts while also disconnecting from them so you can connect within. Connecting within is the highest form of intelligence and results in proven mental, emotional and spiritual health benefits. Here are just a few science-based benefits of meditation: Reduces blood pressure Increases serotonin production that improves mood and behavior Improves immune system Increase in energy levels Lessens stress and anxiety Increases happiness and creativity Clarity and peace of mind Increased memory retention and recall Enhances self-awareness and self-acceptance Each one of us, regardless of gender, age or other factors, undergo daily stress and tension at some level or the other. That’s why we’re so excited to introduce #NovationMeditation into our business and we encourage others to join us this year. We can ALL benefit from improved mental and physical health in 2020. Who’s with us?!
“Feeling gratitude and not expressing it is like wrapping a present and not giving it.” —William Arthur Ward ‘Tis the season for giving! November officially kicks off the holiday season with America’s favorite foodie holiday — Thanksgiving. It is the month where we are once again reminded of all of the things we are thankful for as we gather with family and friends, stuff ourselves with turkey and pumpkin pie, and watch (a lot) of football. It’s fitting, then, that November has been dubbed National Gratitude Month here in the United States. Americans are encouraged to ‘practice gratitude’ which goes beyond just feeling thankful, and actively showing gratitude by giving back. While ideally it is something we should be practicing all year long, people are more likely to give more generously during the holiday season than the rest of the year. According to the annual Holiday Giving Survey conducted by Harris Poll, more than 3 in 5 Americans (63%) typically donate to an organization or charitable cause in the last two months of the year (known as giving season). Americans are among the world’s most generous people, ranking No. 4 out of 140 countries. Utah has consistently ranked the most charitable state in the nation, coming in second this year behind Minnesota. Beyond the obvious benefit of helping and enhancing the lives of others, research shows that practicing daily gratitude can enhance our own moods, decrease stress and drastically improve our overall level of wellbeing. On average, grateful people tend to be happier, healthier, more physically fit, have a higher income and have much more satisfying personal and professional relationships. It’s a win-win for everyone! The easiest way to practice gratitude is to say THANK YOU to someone who has helped you or impacted your life in a positive way or spending time with a loved one who may be lonely or going through a difficult time. Your words and your time are often the best gifts! -The Novation Team
Mission accomplished. Or is it? It is common practice for organizations to summarize their goals and objectives in the form of mission and/or vision statements. For many, they come in the form of a typed out statement hung on a wall, easily forgotten about and only reminded of when a crisis strikes. Or they come in the form of a long-winded, regurgitation of thoughts following a midnight-hour ‘breakthrough’ (see Jerry Maguire). While they are often confused for relaying near identical messages, both serve very different purposes. A mission statement describes what a company wants to do now, and a vision statement outlines what a company wants to be in the future. A mission statement guides the day-to-day operations and decision-making of an organization. It helps in tactical planning and “rallying the troops” around a common short to medium-term goal. A vision statement outlines the long-term view of the organization and why it exists. It attracts people — not just internally but also externally — who believe in the vision of the organization. Your mission, then, brings your vision to life. We believe these statements are the lifeblood of our company. They are something we live and breathe by, because as with anything else, our thoughts become our actions and our actions become our reality. We want our reality to reflect the words written on our walls, the words we use to describe who we are and the words our clients attach to our reputation. To us, they are much more than words. Mission: We believe in making an impact and having purpose within our community. Whether we are protecting real estate investments, giving back to our surroundings or creating opportunity and growth for others. We are here to redefine the experience. Vision: To create an experience that our industry has never seen before . To develop individuals to live by their full potential in all areas of life. To have unlimited growth and make an impact in people’s lives for the better. To empower our team members to dream big so together we can make a difference in our world. Impact. Purpose. Growth. Empower. Create. Dream. These are our words, our actions, our reality, and something we are proud to stand by each and every day. Experience the difference!
REDEFINING THE EXPERIENCE
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