The Millennial generation (ages 24 to 39) is looking for a place to call home. The pandemic has played an outsized role in transforming urban-dwelling, apartment-renting professionals into homeowners. As countless businesses sent employees home to work, restaurants, pubs, cafes, shops and entertainment venues closed. Apartment life felt increasingly cramped.
Millennials want out—but not necessarily out of the city. In Minneapolis, a significant portion of home buyers in the city’s hot market are apartment dwellers looking for more space, a yard, and quick access to natural attractions like lakes and parks.
“Most homes are within six blocks of city parks along the river, creeks, and lakes,” said Leah Drury, Realtor® with Lakes Sotheby’s International Realty office in Minneapolis. She noted that compared to coastal cities, the Twin Cities are relatively affordable, making them a realistic option for aspiring Millennial homeowners.
Of course, Millennials are well represented in busy housing markets across the state, from inner-ring suburbs to the northern lake country. And they were certainly a driving force in the 7-county Twin Cities Region where there was a +20.6% in closed sales and an increase of 29.1% in pending sales compared to September 2019.
Nationally, 28% of Millennials who have never owned a home were actively looking, according to a poll conducted by Morning Consult in September 2020. This compares with 19% of non-homeowning Gen Xers, and just 9% of Boomers. Gen Z, whose oldest members are just turning 23, are already making an impact with 20% of non-homeowners interested in competing for scarce housing stock.
Learn more about Millennials and real estate by reading: Pandemic Pushing Some Millennials to Look Into Homeownership.#Trends