Why Millennials Are Better At Home Buying Than You - nbsp; And we’re a really...

Why Millennials Are Better At Home Buying Than You - nbsp; And we’re a really weird brand of home buyer. ... special programs for first-time buyers where ... 2015/04/15/why-millennials-are-better-at-home-buying
Why Millennials Are Better At Home Buying Than You - nbsp; And we’re a really weird brand of home buyer. ... special programs for first-time buyers where ... 2015/04/15/why-millennials-are-better-at-home-buying
Why Millennials Are Better At Home Buying Than You - nbsp; And we’re a really weird brand of home buyer. ... special programs for first-time buyers where ... 2015/04/15/why-millennials-are-better-at-home-buying
Why Millennials Are Better At Home Buying Than You - nbsp; And we’re a really weird brand of home buyer. ... special programs for first-time buyers where ... 2015/04/15/why-millennials-are-better-at-home-buying
Why Millennials Are Better At Home Buying Than You - nbsp; And we’re a really weird brand of home buyer. ... special programs for first-time buyers where ... 2015/04/15/why-millennials-are-better-at-home-buying
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  • 4/15/15, 1:13 PMWhy Millennials Are Better At Home Buying Than You - Forbes

    Page 1 of 6http://www.forbes.com/sites/millennialmoney/2015/04/15/why-millennials-are-better-at-home-buying-than-you/

    INVESTING (/INVESTING) 4/15/2015 @ 8:30AM 821 views

    Why Millennials Are Better At HomeBuying Than You

    Lucy Mueller (http://blogs.forbes.com/people/lucymueller/) , Contributor

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    Because of our sheer numbers, we millennials tip prettymuch any scale we touch, whether its the housingmarket or the wine industry (http://www.adweek.com/news/advertising-branding/millennials-are-changing-way-we-drink-wine-barefoots-top-marketer-says-162272). (Were drinking more of it, but we prefer the cheapstuff.)

    Thats why Gen Y is either thanked or scolded for most major market moves. Ayear ago, millennials were dragging down homeownership(http://www.cnbc.com/id/101891825); this year well make it easier for youto buy a house (http://www.gobankingrates.com/mortgage-rates/millennials-make-easier-buy-house/). Either way, as the older tier of the generationrounds into their early 30s, millennial homeowners are turning out more thanever before.

    And were a really weird brand of home buyer.

    Millennial homeowners are saddled with obstacles no previous generation hashad to face, like an average student loan debt per borrower thats bothmonstrous and unprecedented. Theyre also less romantic about the wholeprocess than their predecessors buying before marriage, owning for shorterperiods of time, and flipping with gusto and success.

    Millennial Money(http://www.forbes.com/sites/millennialmoney/)

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    Opinions expressed byForbes Contributors aretheir own.

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  • 4/15/15, 1:13 PMWhy Millennials Are Better At Home Buying Than You - Forbes

    Page 2 of 6http://www.forbes.com/sites/millennialmoney/2015/04/15/why-millennials-are-better-at-home-buying-than-you/

    Can Millennials GetAudited?(http://www.forbes.com/sites/millennialmoney/2015/03/23/can-millennials-get-audited/)

    Lucy MuellerContributor(http://www.forbes.com/sites/millennialmoney/)

    Should You Put TravelAbove Your Career?(http://www.forbes.com/sites/millennialmoney/2015/04/06/should-you-put-travel-above-your-career/)

    Christina LavingiaContributor(http://www.forbes.com/sites/millennialmoney/)

    Millennials buy houses earlier, own them for shorter periods and flip them more. Its working.

    The Forbes eBook To Succeed In A Brutal Job Market(http://www.amazon.com/The-Millennial-Game-Plan-Secrets-ebook/dp/B00K6KOK0K/?utm_source=articlelink&utm_medium=direct&utm_campaign=millennialebook)Dont let a rotten economy spoil your goals. Use the career and money advice in The Millennial Game Plan to get and stayahead for good. (http://www.amazon.com/The-Millennial-Game-Plan-Secrets-ebook/dp/B00K6KOK0K/?utm_source=articlelink&utm_medium=direct&utm_campaign=millennialebook)

    The country will soon get used to it. For the second year in a row, we representthe biggest group of home buyers in America, 32% of the market, according toa March 2015 report (http://www.realtor.org/news-releases/2015/03/nar-generational-survey-millennials-lead-all-buyers-most-likely-to-use-real-estate-agent) from the National Association of Realtors.

    This number is only going to go up in the coming years. According to the 2015TD Bank Mortgage Service Index, 50% of millennials say they are eitherextremely or very likely to buy a house in the next year.

    Millennials will have a huge impact on the housing market for the next decade,just because of demographics alone, Nela Richardson, the chief economist forRedfin, told me. So whatever a few of them do, theres enough of them thattheyll make a big impact.

    What enough of them are doing is making home buying pedestrian. And, atleast for our generation, thats a smart move.

    A Different Kind of Home Buyer

    http://www.forbes.com/sites/millennialmoney/2015/03/23/can-millennials-get-audited/http://www.forbes.com/sites/millennialmoney/2015/03/23/can-millennials-get-audited/http://www.forbes.com/sites/millennialmoney/http://www.forbes.com/sites/millennialmoney/2015/04/06/should-you-put-travel-above-your-career/http://www.forbes.com/sites/millennialmoney/2015/04/06/should-you-put-travel-above-your-career/http://www.forbes.com/sites/millennialmoney/http://www.amazon.com/The-Millennial-Game-Plan-Secrets-ebook/dp/B00K6KOK0K/?utm_source=articlelink&utm_medium=direct&utm_campaign=millennialebookhttp://www.amazon.com/The-Millennial-Game-Plan-Secrets-ebook/dp/B00K6KOK0K/?utm_source=articlelink&utm_medium=direct&utm_campaign=millennialebookhttp://www.realtor.org/news-releases/2015/03/nar-generational-survey-millennials-lead-all-buyers-most-likely-to-use-real-estate-agent

  • 4/15/15, 1:13 PMWhy Millennials Are Better At Home Buying Than You - Forbes

    Page 3 of 6http://www.forbes.com/sites/millennialmoney/2015/04/15/why-millennials-are-better-at-home-buying-than-you/

    9 Best Tax Breaks ForMillennials(http://www.forbes.com/sites/millennialmoney/2015/03/13/9-best-tax-breaks-for-millennials/)

    Lucy MuellerContributor(http://www.forbes.com/sites/millennialmoney/)

    How Podcasts WillChange The WayMillennials LearnAbout Money(http://www.forbes.com/sites/millennialmoney/2015/03/09/how-podcasts-will-change-the-way-millennials-learn-about-money/)

    Christina LavingiaContributor

    A more accessible job market, a later marriage age and the mammoth costsassociated with a wedding have meant many new home buyers are putting amortgage before a marriage (http://www.gobankingrates.com/mortgage-rates/why-millennials-bothering-married-before-getting-mortgage/).

    Chantel Bonneau is a wealth management advisor for Northwestern Mutualand a Gen Y-er who bought her first condo by herself at 24. (Three years later,her second home purchase is in escrow.)

    A lot of millennials are delaying marriage and children by almost a decade, asopposed to people maybe 30 years ago, she told me. That just gives you adifferent phase of your life where youre earning, youre focused on your career,but maybe we dont have all the same responsibilities as parenthood ormarriage yet. So that creates this new decade of life for some people it meanslife choices to postpone some of those other relationship decisions.

    Its a life choice many are making. A recent Redfin study(https://www.redfin.com/blog/2015/02/first-comes-love-then-mortgage.html#.VSMYR5TF-Y8) found that 38% of millennials have or woulddelay a wedding or honeymoon in order to buy a home.

    That means several things; for one, millennials are looking to buy for utility andown for shorter periods of time theyre not really focused on buying thehouse that theyre going to live in forever, Bonneau explained. For another,theyre looking at their purchases more as an investment(http://www.gobankingrates.com/mortgage-rates/benefits-homeownership-trump-stock-market-returns/) than a place to live.

    Thats affecting the kinds of homes Gen Y-ers are purchasing, Richardson toldme.

    We know that a lot of millennials want to live in the city, they want to live closeto work, they want to live in walkable neighborhoods and guess what? Theseneighborhoods are great investments, Richardson said. The millennials Improfiling are typically not the ones buying large McMansions in the suburbsthat will take longer to pay. Many of them are buying condos in the center ofcities.

    That was the case for Hanna Johansen, a 23-year-old digital marketingstrategist in Des Moines, Iowa, who bought her first home with her 22-year-oldboyfriend several months ago.

    Our home is more of an investment property for us, she said. We purchasedour house with the intent of improving it and making a profit, while alsoincreasing our credit score and credibility with the bank. We did a lot ofrenovation in the first month and a half before we moved in, and we willcontinue to make improvements over the next year, which is when we plan tolist it.

    http://www.forbes.com/sites/millennialmoney/2015/03/13/9-best-tax-breaks-for-millennials/http://www.forbes.com/sites/millennialmoney/2015/03/13/9-best-tax-breaks-for-millennials/http://www.forbes.com/sites/millennialmoney/http://www.forbes.com/sites/millennialmoney/2015/03/09/how-podcasts-will-change-the-way-millennials-learn-about-money/http://www.forbes.com/sites/millennialmoney/2015/03/09/how-podcasts-will-change-the-way-millennials-learn-about-money/http://www.forbes.com/sites/millennialmoney/http://www.gobankingrates.com/mortgage-rates/why-millennials-bothering-married-before-getting-mortgage/https://www.redfin.com/blog/2015/02/first-comes-love-then-mortgage.html#.VSMYR5TF-Y8http://www.gobankingrates.com/mortgage-rates/