A Look at Millennials and the Housing Market
March 23, 2021 – By Samantha Bailey
The housing market has been on fire and that can make it a very confusing time for anyone looking to enter it. You might be buying during an overinflated market or waiting too long in one that’s going to continue to rise. That creates a dilemma for millennials might be buying their first homes (and really for anyone deciding to buy or sell.
Francesca Ortegren, a data scientist for Clever joins 7investing lead advisor Dan Kline to talk about some research her company has conducted that gives it some special insight. Ortegren co-authored her company’s 2021 Millennial Homebuyers Report. In that study, Clever learned that many younger buyers were more open to fixer-uppers and that their saving habits have changed.
The study showed that millennials are more willing to buy sub-optimal houses that need major work. They’re also more willing to buy home sight unseen where they have only seen pictures or taken an online tour. Ortegren also shares her thoughts on long-term changes being brought on by work-from-home flexibility and her thoughts on FOMO.
0:00 Introduction and welcome
0:53 Is the housing market moving more rapidly than normal?
2:07 What did the report show us about millennials and buying a home.
7:15 Are low interest rates driving the market?
8:55 Are people looking for different types of homes?
13:08 How worried are homebuyers about unexpected costs?
17:15 Home is student loan debt impacting younger homebuyers?
19:45 What do millennials worry about when buying a home?
21:15 What will the long-term impacts of work-from-home?
26:25 Are there any other trends you see in the housing market?
28:20 What is Clever and conclusion.
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