According to the latest research, millennials represent the largest group of home buyers across the country. And while some might argue that the housing market in Denver has priced younger buyers out, we believe there is still plenty of potential for these first-time home buyers to get on the property ladder (despite their long wish lists!). With the growing number of condos hitting the market, this can be a great first home for many young buyers as they do not have to worry about any upkeep with a yard, roof, etc., and they can also be found on a budget in a variety of Denver neighborhoods. There are also a number of new housing developments popping up around the metro area which falls perfectly in line with their desire for turnkey homes.
One common complaint for younger buyers has been saving up for a down payment to buy their first home, with many opting to stay living with their parents for longer in order to do just that. This is a financially smart way to get onto the property ladder in a responsible way and to allow them to decrease their monthly outgoings by putting down a larger deposit.
Here are five reasons we feel that the Denver real estate market is still a great choice for millennials.
- Millennials prefer finished homes. (Nearly half of all millennial buyers are looking for a luxury kitchen.)
- The Denver suburbs offer plenty of hip downtown shopping, dining and coffee shops in a more affordable neighborhood. (4 out of 5 homeowners under the age of 25 live outside the urban core.)
- Energy efficiency is important to millennial buyers. (47% of millennials say they want solar panels and efficient energy storage.)
- Homeownership is not seen as permanent by millennials. (on average, millennials sell their homes 4 years sooner than the average homeowner.)
- Millennials are most likely to prefer the use of a real estate professional when buying a home. (75% want guidance understanding the purchasing process.)