Out of 75.3 million Millennials, 93% want to own a home in the near future, so brace yourself – they're coming.
Millennials range from 18 to 29 years old and come with their own set of priorities, which makes sense. They were raised in a completely different environment than earlier generations.
Young adults would much rather spend money on travel than on things, and they value a passion over a paycheck.
This chart from Mortgage Master gives a representation of what to expect from this upcoming generation.
Click to enlarge
(Source: Mortgage Master)
However, keep in mind, while there are similarities within the generation, don’t forget that every person is different. Be sure to talk to individual potential borrowers to understand their unique situation.
As it stands, Millennials do not understand a lot of the intricacies about housing, but that doesn't mean that they won't soon be ready to buy.