2019 data shows millennials preferred renting to owning a home. The pandemic changed minds. Millennials and Zillennials are prioritizing homeownership.
Opendoor analyzed data from 850 people across the US planning to buy or sell a home in the next 12 months. The results make up their
Opendoor 2021 Report: Achieving the American Dream, and is a look into the habits and preferences of home buyers. Below are some key highlights:
- 41% of buyers said their top concern is finding a home they love that’s within budget
- 57% of buyers said they would choose to stay in budget and buy a fixer upper, while 43% said they would overbid for a turn-key property
- 60% of Millennial buyers are browsing home listings on a real estate app vs. social media.
- 39% of buyers are halting the home search because of uncertainty with COVID-19; 35% are pausing because the current real estate market is intimidating
- Most coveted home features by generation:
- Large Backyard:
- 27% of Zillennials
- 19% of Millennials
- 20% of Generation X
- 16% of Baby Boomers
- Modern Kitchen
- 27% of Zillennials
- 13% of Millennials
- 21% of Generation X
- 45% of Baby Boomers
- Smart Home Features
- 15% of Zillennials
- 20% of Millennials
- 10% of Generation X
- 2% of Baby Boomers
- Environmentally Friendly Features
- 11% of Zillennials
- 26% of Millennials
- 21% of Generation X
- 8% of Baby Boomers
Read more at https://www.opendoor.com/w/blog/achieving-the-american-dream