Buying a home like a millennial

Posted at 5:24 AM, Aug 09, 2019
and last updated 2019-08-09 05:24:51-04

Millennials can get a bad rap when it comes to most anything. But it turns out, they are actually quite responsible home buyers.

Brittany Seville is a millennial, and one day will be a home owner. She's among a generation of new and different home buyers. Experts said the days of home ownership being the number one priority are over.

"I've come to that mindset, where I can buy a one-bedroom home, and I guess you can turn it around to what you envision as your own castle," said Seville. "It doesn't have to match in size as a big home."

According to the U.S. Census Bureau, about 76 percent of 22 to 38-year-old home buyers spent less than 30 percent of their monthly income on housing.

Realtor Danielle Lawler said millennials do their research. They prioritize sticking within their budget and being financially conservative.

"The most buyers we have in the market right now are millennials," she said. "Their number one thing for a good life is not home ownership. As in if you asked baby boomers, that would have been one of their number one criteria."

But why? Experts point to student debt and a different lifestyle in general. "They value experiences over home ownership," said Lawler.

Brittany Ceville said that's definitely true for her.

"I guess it's a struggle for our generation, we notice there is so much going on in the world so we want to make sure that we are traveling," said Ceville. "The thought of buying a home and you're barely going to be there. It seems a little bit foolish."