In the final moments of 2015, the media continues to paint the picture that millennials aren’t interested in home ownership, and leasing apartments or renting houses will continuously prevail in this younger generation. I think that this notion stems from a dramatic shift that our culture has encountered within this generation. For baby boomers and even the generation X folks.. completing college, taking a job, and remaining loyal to a company were the norm and even the expectation.
In this generation, however, having several different jobs and moving around seems to be the most common practice. This is the collective mentality of a generation who is trying to figure itself out. Perhaps after graduating college, renting a house or an apartment might be the best move for a young person’s career. After all, most jobs of today are jobs that didn’t even exist 20 or 30 years ago. The younger generation also has become entranced with individuality. Rather than being completely focused on work, this generation has decided that they are more important than a job title, and hold different values than previous generations have.
As this millennial generation grows older and begins to raise young families, they will sporadically travel and change jobs less and less. They will become accustomed to their friend group, their social standing, and more in tuned with their place in society. This is when the millennial generation will buy homes, and trust me, they will. Perhaps taking that first job out of college renting a house or leasing an apartment makes much more sense, yet, once a family is in the picture, and settling down becomes more and more attractive, home ownership will be the most common occurrence. This generation hasn’t lost the mentality that owning a home is important, in fact, this generation probably values the individuality that comes with owning their own home more than any other. The thing that skews the numbers is the uncertainty of the job market for young people. With more college graduates creating an ever increasing competition in job markets, millennials are expected to buy houses when they aren’t even sure if they will be able to hold a job in the same city for more than a couple of years. Although NAR and other real estate authority may seem alarmed, this uncertainty that comes with being in your 20s is something that isn’t going anywhere. However, once this generation figures itself out and lands on its feet, expect home ownership numbers to be higher than ever.