Triangle Area Real Estate News & Information

A family, a job, a home with a white picket fence: all these things are associated with what we call The American Dream. For decades, Americans have pursued this idyllic life. After graduating college, it’s expected that people will get married, settle down, buy a house, and have kids. But today, The American Dream is changing.

Research shows that millennials are changing the definition of The American Dream.

What is a Millennial?

Many news articles and reports these days discuss trends involving the Millennial generation. Just like the Baby Boomers and Generation Z, millennials are one of the six living generations in America today. Millennials are individuals born between 1981-1997, making them one of the largest and most prominent generations around.

What Do Americans Think About Real Estate?

Bank of America recently released their second annual Homebuyer Insights Report. The report was designed to explore what young Americans think about home ownership. Almost 5,000 people over the age of 18 were interviewed on their attitudes toward homeownership.

The major takeaway from this survey was that young homeowners no longer think buying a home is an important part of achieving The American Dream. However, 80 percent of millennial homebuyers still believe that owning a home is a positive investment for their long-term future.They identified that they're willing to make sacrifices in order to make homeownership a reality, but want to have less debt and more money saved up before venturing down that path.

68 percent of millennial homeowners surveyed also say that their current home is “stepping stone” and they plan on upgrading in the future.

Other Notable Insights

• Of those surveyed, 86 percent believe that real estate investing is more affordable than renting.
• Forty-five percent of millennials say they prefer to rent.
• Across generations, 60 percent of homeowners say if they could go back, they would tell their younger selves to save more money for their purchase.

What Does That Spell For The Future Of Real Estate In The Triangle Area?

In upcoming years, the real estate market is going to be shaped by millennials, as they graduate college and begin to start families and purchase homes. However, predicting these trends can be difficult, especially, when it comes to understanding the priorities of new generations.

Millennials are known for experiencing immense pressure to succeed academically. They are the first generation to grow up with things like video games and the Internet. This means that millennials are used to getting information fast. They are great multi-taskers and often envision a 24-hour world, where they can get what they need as soon as they look for it. This generation of homebuyers is interested in financial success as part of their American Dream.

Looking to purchase a home in Durham, Cary, or Chapel Hill? Contact My NC Homes today at 919-659-5173 today.