Millenials Are Moving to the Suburbs! (Does that make it hip?)

Posted by Jennifer on March 10, 2016 in Great Falls, McLean, Real Estate | Leave a comment

While DC is bursting with renting 20 and 30 somethings, a recent survey by the National Association of Realtors shows that when Millenials (ages 18-35) are ready to buy, they are buying in the suburbs.  We can confirm that we are seeing millenials out at McLean and Great Falls open houses, which, we have to admit, makes us feel hip again.

According to the study, affordability, starting families and needing space are the major factors driving the millennials to move to the suburbs.

Is it now Hip to be Square?

Here’s what the Virginia Association of Realtors Commonwealth Daily posted today:

“According to the Home Buyer and Seller Generational Trends Report 2016 released yesterday by the National Association of REALTORS®, millennials (ages 18-35) are increasingly buying homes in suburban areas. Shocking, we know. Millennials currently compose 35% of all buyers, which makes them the largest group of home buyers this year (an increase from 32% last year).  We knew millennials love to rent in the city, but when it comes to buying, this survey surprisingly showed that they’re buying in the suburbs.

“According to the survey, the share of millennials buying in an urban or central city area decreased to 17 percent (21 percent a year ago), and 10 percent of millennials purchased a multifamily home compared to a year ago (15 percent).

“Overall, the majority of buyers in all generations continue to purchase a single-family home in a suburban area, and the younger the buyer, the older the home they purchased.

Bigger Closets, Room for Kids

“Lawrence Yun, NAR chief economist, says while millennials may choose to live in an urban area as renters, the survey reveals that most aren’t staying once they’re ready to buy. “The median age of a millennial homebuyer is 30 years old, which typically is the time in life where one settles down to marry and raise a family,” he said. “Even if an urban setting is where they’d like to buy their first home, the need for more space at an affordable price is for the most part pushing their search further out.”

“NAR described the reasoning for millennials moving to the ‘burbs in just a few components: financing the purchase, the home search, characteristics of the buyer and characteristics of the seller.”

Let’s Go Find A House!

Even if you’re not a millenial, if you are looking to buy or sell, call or text us!  We’d love to meet for coffee and answer your real estate questions.  You can reach us any time at 571.236.3405 (Ginny) or 703.851.2255 (Jennifer).