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New Jersey Real Estate Law Blog

Millennial home-buying trends include open-minded options

Millennials are part of a unique group of young adults in today’s housing market. Not long ago, many were living with their parents and not yet ready to embark on the journey of complete independence. With this trend comes the ability to move slower and research harder before signing on the dotted line.

Making commitments such as marriage and purchasing a home are not to be rushed into for many young adults. The trending attitude relies more on delaying responsibility to more online research and making a well-thought -out decision.

What makes home ownership challenging for some millennials?

Millennials graduating during or after The Great Recession of 2008 are in a unique bracket of home buyers compared to generations past. The recession affected many areas of societal growth, including a significant decline of employment momentum, as many millennials faced hard times finding work in lucrative fields after graduation.

More post-graduation adults are reported to have extended their years living with parents or multiple roommates to offset the high price of apartments as opposed to other generations. The economic instability often caused a later start in life for those seeking to establish a permanent address of their own. According to a recent article on CNBC, some of the hurdles that exist for millennials are related to pricing and availability.

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