Millennials are the generation entering adulthood around the turn of the 21st century. Livescience.com describes Millennials as more open-minded and more supportive of gay rights and equal rights for minorities. They are confident, self-expressive, liberal, upbeat and receptive to new ideas and ways of living, according to livescience.com.
Since WWII, generations of Americans have pursued what was called “The American Dream” which included home ownership. These prior generations consider their home to be an investment. Millennials, according to moneyunder30.com, don’t necessarily agree.
It its March 2017 real estate review, moneyunder30.com takes the stand that home ownership is not an investment. The website offering guidance to financial matters to the Millennial set downplays the appreciation that homes have garnered over 40 years as simply being a result of inflation.
Since Millennials are more prone to change jobs and even cities where they have careers, few of them imagine staying in a home for decades as their parents did. moneyunder30.com cautions that selling a house is highly disruptive because it means you have to move.
Pew Research Center reports that Millennials (mymove.com) have high student loans, like the freedom of not being tied down to a permanent address and like the fact that landlords are responsible for keeping up the place.
Conversely, Millennials getting into real estate ownership are working toward the future in a unique way, accumulating homes to use as rentals, according to Marketwatch.com. They see this as a way to build a steady passive income that enhances their overall finances. With the rental market at its height, they are feeling positive that their rental properties will continue to generate monthly income and appreciate like their grandparents’ homes did.
If you are a Millennial wanting to look into the real estate possibilities, contact Park Property Realty. We can show you the alternatives that work with your lifestyle.