{"id":3322,"date":"2022-07-20T13:25:58","date_gmt":"2022-07-20T13:25:58","guid":{"rendered":"https:\/\/preprod.realtrends.com\/blog\/2022\/07\/20\/millennials-would-give-up-tiktok-and-alcohol-for-a-dream-home\/"},"modified":"2025-03-13T02:44:36","modified_gmt":"2025-03-13T02:44:36","slug":"millennials-would-give-up-tiktok-and-alcohol-for-a-dream-home","status":"publish","type":"post","link":"https:\/\/preprod.realtrends.com\/blog\/2022\/07\/20\/millennials-would-give-up-tiktok-and-alcohol-for-a-dream-home\/","title":{"rendered":"Millennials would give up TikTok and alcohol for a dream home"},"content":{"rendered":"\n<p>Millennials\u00a0<a href=\"https:\/\/www.nar.realtor\/newsroom\/nar-report-shows-share-of-millennial-home-buyers-continues-to-rise\" target=\"_blank\" rel=\"noreferrer noopener\">now<\/a>\u00a0make up 43% of home buyers, which is\u00a0the\u00a0most of any generation, and an increase from 37% last year. Even as they delay marriage, kids, and reject their parents\u2019 version of adulting, Millennials still desperately want\u00a0a\u00a0place to call their own. <\/p>\n\n\n\n<p>In fact,\u00a0<a href=\"https:\/\/www.opendoor.com\/w\/blog\/the-millennial-desire-for-homeownership\" target=\"_blank\" rel=\"noreferrer noopener\">over half of millennials<\/a>\u00a0say their urgency to own\u00a0a\u00a0home has increased in\u00a0the\u00a0past year, driven by wanting to raise\u00a0a\u00a0family, hope for better living conditions, and \u2014understandably \u2014 being tired of paying rent to\u00a0a\u00a0landlord.<\/p>\n\n\n\n<p>Yet amidst low inventory, high competition, and <a href=\"https:\/\/preprod.realtrends.com\/blog\/articles\/housing-inventory-grows-as-interest-rates-scare-off-buyers\/\" target=\"_blank\" rel=\"noreferrer noopener\">rising costs and interest rates<\/a>, many millennials have lost hope that they\u2019ll ever achieve\u00a0the\u00a0American Dream. At <strong>Opendoor<\/strong>, we decided to dive deeper into\u00a0the\u00a0members of this generation who have never owned\u00a0a\u00a0home. We call them <em>\u2018unmortgaged millennials<\/em>.\u2019<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-what-is-an-unmortgaged-millennial\">What is an unmortgaged millennial?<\/h4>\n\n\n\n<p>Those Millennials who have not yet checked\u00a0the\u00a0\u201chomeowner\u201d box are eager to make\u00a0the\u00a0transition \u2014 and many would make some big sacrifices to be homeowners. In fact, most would give up <strong>TikTok<\/strong> and <strong>Instagram<\/strong> in order to own their dream home (73%), and even more (78%) would give up alcohol. <\/p>\n\n\n\n<p>Furthermore, nearly half (47%) say they would delay vacations for five years if it meant they could buy\u00a0a\u00a0home, and 41% would even delay\u00a0a\u00a0wedding for five years!<\/p>\n\n\n\n<p>For these unmortgaged millennials,\u00a0the\u00a0reward of owning\u00a0a\u00a0home outweighs any sacrifices. So how can agents help these aspiring homeowners fulfill their dreams? Here are three takeaways from our research.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Affordability is\u00a0the\u00a0top barrier to home ownership<\/strong><\/h4>\n\n\n\n<p>Our\u00a0<a href=\"https:\/\/www.opendoor.com\/w\/blog\/the-millennial-desire-for-homeownership\" target=\"_blank\" rel=\"noreferrer noopener\">research<\/a>\u00a0revealed that rising home prices are\u00a0the\u00a0most commonly reported challenge to homeownership (45%), and compounded with low income (42%), nearly half of respondents aren\u2019t sure they\u2019ll ever be\u00a0a\u00a0homeowner (49%). <\/p>\n\n\n\n<p>However, this group still ranks\u00a0a\u00a0down payment as\u00a0the\u00a0number one most important financial milestone, even when compared to saving money for\u00a0a\u00a0new car (21%), travel (22%), and paying off student loans (29%).<\/p>\n\n\n\n<p>Complicating matters is that only 20% of those polled have saved enough for&nbsp;a&nbsp;down payment, and only 12% say they can actually afford to buy&nbsp;a&nbsp;home right now. More than half (56%) have less than $25,000 in total savings, and 51% say they\u2019ll need at least $25,000 more to make&nbsp;a&nbsp;down payment where they live.<\/p>\n\n\n\n<p>Agents should educate their customers about low down payment options for homes, and help them understand if these programs are right for their financial situation. Additionally, agents should help their buyers be fully prepared to make their offer as soon as they find\u00a0a\u00a0home they love \u2014 with all their paperwork prepared and any outstanding financial issues resolved, so that they can make\u00a0the\u00a0deal exactly when needed.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Finding\u00a0a\u00a0dream home takes priority over finding\u00a0a\u00a0partner<\/strong><\/h4>\n\n\n\n<p>Forget <strong>Hinge<\/strong> and <strong>Tinder<\/strong>. Unmortgaged millennials value their real estate apps ahead of dating apps, travel apps, and sports betting apps. And speaking of romantic prospects, unpartnered and unmortgaged Millennials see no issue in buying solo, as one-third say they\u2019d buy\u00a0a\u00a0home on their own.<\/p>\n\n\n\n<p>As further support for single homebuyers,\u00a0<a href=\"https:\/\/www.nar.realtor\/newsroom\/nar-report-shows-share-of-millennial-home-buyers-continues-to-rise\" target=\"_blank\" rel=\"noreferrer noopener\">NAR\u2019s latest Homebuyer and Seller Generational Report<\/a>\u00a0found that 19% of recent buyers were single females and 9% were single males, with Millennials making up\u00a0a\u00a0growing percentage of this group. Single buyers have unique needs from married buyers, and agents should arm themselves with\u00a0the\u00a0knowledge needed to serve this demographic \u2014 whether it\u2019s addressing specific financing questions, or\u00a0the\u00a0home and neighborhood features that are most important to them.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Digital tools are here to stay<\/strong><\/h4>\n\n\n\n<p><a href=\"https:\/\/www.nar.realtor\/newsroom\/nar-report-shows-share-of-millennial-home-buyers-continues-to-rise\" target=\"_blank\" rel=\"noreferrer noopener\">NAR\u2019s Generational Report<\/a>\u00a0revealed that almost two out of three younger Millennials found\u00a0the\u00a0home they ultimately purchased on\u00a0the\u00a0internet. While real estate scrolling is\u00a0a\u00a0popular pastime for all generations,\u00a0a\u00a0<a href=\"https:\/\/www.opendoor.com\/w\/blog\/real-estate-trends-report\" target=\"_blank\" rel=\"noreferrer noopener\">recent study<\/a>\u00a0we conducted found Millennials outpace other cohorts, with 72% browsing for real estate actively. <\/p>\n\n\n\n<p>They\u2019re turning to <a href=\"https:\/\/preprod.realtrends.com\/blog\/articles\/7-must-do-twitter-marketing-tactics-for-real-estate-agents\/\" target=\"_blank\" rel=\"noreferrer noopener\">less traditional sources<\/a>, too: 26% of millennials regularly use TikTok, while even more use Instagram (33%) and <strong>Facebook<\/strong> (36%) at least\u00a0a\u00a0few times per week. There\u2019s\u00a0a\u00a0big opportunity for agents to reach and engage this audience on social media platforms through creative and educational videos and short-form content.<\/p>\n\n\n\n<p>We also found that this generation is more comfortable with buying and selling digitally than older generations \u2014 more than 70% of millennials. Agents should continue to market to potential clients through less traditional sources, and also give their clients more digital tools to help them beat out\u00a0the\u00a0competition. For example, there are more options now to work with companies that help buyers make an all-cash offer on\u00a0a\u00a0home\u2014which can be more attractive to sellers in this hot market.<\/p>\n\n\n\n<p>Millennials\u2019 desire to own\u00a0a\u00a0home remains strong, even in\u00a0a\u00a0challenging housing market. Agents can engage this aspiring group of homeowners by educating them about all of\u00a0the\u00a0options they have on\u00a0the\u00a0table, such as innovative ways of buying and financing\u00a0the\u00a0home, or low down payment options. <\/p>\n\n\n\n<p>By providing education and resources, agents can help make home ownership more affordable and more attainable for millennials across all their unique stages in life, whether they\u2019re starting\u00a0a\u00a0family or buying solo.<\/p>\n\n\n\n<p><em><a href=\"will.holmes@opendoor.com\">Will Holmes<\/a> is the head of agent growth for <strong>Opendoor<\/strong>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unmortgaged millennial, or those who haven&#8217;t made the plunge into homeownership, are willing to make major sacrifices to buy a home.<\/p>\n","protected":false},"author":15802,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3255],"tags":[],"coauthors":[2748],"class_list":["post-3322","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.4 (Yoast SEO v26.8) - 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