Today, the term millennial is used frequently in popular culture.? Often, it is associated with social differences between generations, but it also describes a large segment of the US population.? The millennial group is reported to consist of an estimated 83.1 individuals, or one-quarter of the nation, A number that far exceeds the baby boomer generation?s numbers. ??According to the Pew Research Center, millennials are those ages 23-38.? With more and more of these individuals reaching the age when homeownership is attainable, this group has become a formidable force in the real estate market.
Homebuyers
As more and more millennials enter the real estate market for the first time, the qualities they want in their homes can become a defining aspect of the sale.? For instance, if open-concept kitchens, reclaimed wood cabinets, and stainless-steel appliances are in vogue, on-trend buyers will be looking for those characteristics.
High-end features may be in demand for some fortunate millennial homebuyers.? However, those who are looking for a starter home will be facing a larger problem of a tight and highly competitive market.? According to a recent report, approximately 3.1 million millennials are now reaching the typical age to enter the real estate market.? In places such as Phoenix that continues to experience economic and population growth, this group may run into challenging market conditions.
Renters
Although some millennials are looking to buy homes and start families, others want to remain in rental properties. These tenants are looking to live in mixed-use areas where they can easily travel or walk to work, city centers, restaurants, entertainment, shopping, and social events.?? This segment of the population has distinct preferences that will continue to shape the residential leasing market.? As the dominant group, what they want in an apartment, condominium, or townhome will ultimately be reflected in the properties they choose and surrounding businesses and area culture.
Attorney Laura B. Bramnick is an experienced Arizona real estate attorney who understands the needs of her clients. If you are seeking an exceptional, client-driven real estate lawyer in Scottsdale, Phoenix, Sedona and throughout the State of Arizona, contact Laura B. Bramnick to schedule your consultation.