Are Millennials Buying for Life and Skipping the Starter Home?
Instead of the typical smallish and modest dwelling just to get your feet wet in home ownership, many of today’s first time home buyers are interested in purchasing something a bit nicer that they plan to live in much longer and possibly their whole life.
Bank of America conducted a poll of over 1,000 adults age 18 and older who are considering home ownership in the future. What they saw from the poll is that more people are waiting to purchase a first home until later in their life. They are waiting longer, which gives them better insight into what they truly need from a home, a home that they can raise a family in and commute to a career from. Homes with lots of square footage, a big backyard, and highly rated school districts.
One other thing that came up in the polling is that many people anticipate buying a home will not be an easy process and prefer to go through that process as few times as possible. The big result showed...