Millennials: Do You Need a Home with More Space?

If you’re a millennial, home buying might be top of mind. According to the National Association of Realtors (NAR), your generation is the largest group of homebuyers in the market today and has been since 2014. While other millennials are looking to buy for the first time, you may be one of the many who are now discovering you’ve outgrown your home.

If that’s the case, you’re not alone. The past two years brought about significant changes for many people, and today, homeowners are reevaluating what they truly need in a home. As a recent report from the Wall Street Journal states:

“They say the pandemic and the emergence of remote work accelerated millennial home-buying trends already under way. . . . Millennials who already owned homes traded up for more space.”

So, it may be time to move if you’re working remotely now or need additional space. And even if you purchased your current home sometime over the last few years, you can still move into a different one with the space and features you’re looking for. That’s because there’s a good chance you have more equity than you realize. As Diana Olick, Real Estate Correspondent for CNBCnotes:

The stunning jump in home values over the course of the Covid-19 pandemic has given U.S. homeowners record amounts of housing wealth. . . . Even homeowners who weren’t listing their properties for sale were gaining equity. About 42% of homeowners were considered equity-rich at the end of last year, meaning their mortgages were half or less than half the value of their home.”

Growing equity can fuel your next move, especially if you want to purchase a larger home in the Chicagoland Area and Surrounding Suburbs. When you sell your current house, the equity from the sale can be used toward the down payment on your next home.

In other words, your purchasing power may be greater than you realize, making a move to a larger home a realistic option. That, plus your changing needs, might make moving now more desirable than ever.

Bottom Line.

You’re not alone if you’re a millennial considering moving this year. Let’s connect with real estate experts in Chicago at KM Realty Group LLC today to discuss the equity you have in your current home and the opportunities it can create.