Millennials: Do You Need a Home with More Space?

Dated: April 11 2022

Views: 95


Millennials: Do You Need a Home with More Space? | MyKCM



If you’re a millennial, homebuying might be top of mind for you. Your generation is the largest group of homebuyers in the market today and has been since 2014, according to the National Association of Realtors (NAR). And 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, if you’re working remotely now or simply have a growing need for additional space, it may be time to move. And even if you purchased your current home sometime over the last few years, you can still move into a different one that has 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 CNBC, notes:

    “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 be the key you need to fuel your next move, especially if you’re looking to purchase a larger home. When you sell your current house, the equity that comes back to you in 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

If you’re a millennial thinking about moving this year, you’re not alone. Let’s connect today to discuss the equity you have in your current home and the opportunities it can create.

Blog author image

Patricia Villanueva - DRE#01100323

Hello Real Estate Professionals, Homebuyers & Homesellers! I'm an agent with 30+ years of experience working in SoCal Real Estate. I keep my negotiation skills sharp with continuing educational cours....

Latest Blog Posts

5 Tips for Making Your Best Offer on a Home!

5 Tips for Making Your Best Offer on a Home | MyKCMAs a buyer in a sellers’ market, sometimes it can feel like you’re stuck between a rock and a hard place. When you’re ready to

Read More

Why Selling Your House with a Real Estate Professional Is Essential...

Why Selling Your House with a Real Estate Professional Is Essential | MyKCMSelling your house is no simple task. And when you sell on your own – known as a FSBO (or For Sale by Owner) –

Read More

How Much is needed for Your Down Payment??

How Much Do You Need for Your Down Payment? | MyKCMAs you set out on your homebuying journey, you likely have a plan in place, and you’re working on saving for your purchase. But do you know

Read More

On the Fence of Whether or Not To Move This Spring? Consider This. | MyKCM

On the Fence of Whether or Not To Move This Spring? Consider This. | MyKCMIf you’re thinking of selling your house, it may be because you’ve heard prices are rising, listings are going

Read More