Due to this economic disparity, those who are able to purchase homes do so, while others who can't remain paying rent, which will worsen income disparity in the years to come.

Investment firms are acquiring and leasing starter homes at an increasing rate. The result is that millennials are purchasing more expensive first houses than earlier generations. Millennials, a technologically aware generation, have significantly altered the home-buying process in recent years.

House-hunting with a tech focus

Technology is essential to home buying for millennials since they are so devoted to their gadgets. 99% of millennials, in accordance to data from the National Association of Realtors), use search engines to find general information about the housing market and house buying.

Additionally, millennials are about twice as likely as elder baby boomers to use their cell phones for search purposes. While 39% of millennials said they would feel at ease buying a home online, over fifty percent of millennials (59 percent) said they would feel at least somewhat comfortable placing an offer on a house they virtually saw. A 2021 survey from Zillow claims that more than 80% of millennials prefer to look at 3D computer-generated tours and electronic floor plans when searching for a home.

Steven Gottlieb, a Coldwell Banker Warburg agent, claims that technological advancements have changed real estate marketing. We would grab an electronic camera to capture the images ourselves in the early days of online real estate marketing, according to Gottlieb. In today's marketplaces, where there are thousands of competing listings, virtual or conventional staging with skilled photography is typical to make homes stand out. Additionally, he continued, agents who don't stage their listings or hire a consultant are doing the sellers a disservice.

Affordable Homes Near Your Work

The demographic that is that is most inclined to care about living close to their place of employment is the millennial generation, according to a survey. Of those asked, 44% said that the cost of commuting was very important when deciding where to live, 74% said that neighbourhood convenience for their job was important, and 58% said that overall affordability was crucial.

According to online real estate giant Zillow, 47% of millennial homeowners choose to reside in the suburbs over urban centres or rural areas.

Conclusion

Millennials have had a significant impact on the market for homes, and when the next generation of purchasers enters the market, further changes could be in store. Keeping that growth in perspective requires concentrating on the good effects that millennials have produced. A focus on technology, for instance, might lead to a simplified, more effective home-buying process. Furthermore, a greater influx of millennials into the suburbs might help counteract the consequences of rising housing costs in cities.