Millennials Set to Dominate the Growth of New Home Sales
Millennials are beginning to dominate the growth of new home sales across the nation. According to the National Association of Home Builders’ (NAHB), this generation has entered the housing market as primarily first-time buyers. These numbers are increasing at alarming rates and will soon dominate the new home buying market as a whole.
Many millennials have – and continue to save for real estate investments. No longer is this generation happy with living in their parents’ basement and eating healthy. They want to buy new homes fitted with the latest smart technologies and amenities. You will find these features within Park Grove condos for sale in Miami. With estate-quality units decked out in modern, contemporary décor, these abodes are ideal for millennials that are caught between single-family homes and multi-room apartments.
Here are some startling facts on the millennial impact on new home sales:
- Millennials now account for over 70 million people – the nation’s largest demographic group.
- 36% of millennials are homeowners.
- This generation led the largest gains in homeownership (out of all groups) in 2017.
- Homeownership soared to 1.5 million in 2017 as opposed to renting homes which dropped by 76,000.
- Millennial homeownership is based on rising wages and steady economic growth. These factors have contributed to the millennial desire to own homes – instead of renting abodes.
Why Millennials are buying New Homes?
Like previous generations, millennials want to buy homes that are safe and will appreciate in the years to come. They are mainly looking for new, single-family houses in the suburbs. These are ideal for those that want to settle down and start families of their own. While lofts, basements, and spare rooms are losing their appeal across the millennials world, new home builds are enticing this generation to invest and build equity with optimal ROI.
Park Grove pre-construction condos are also tapping into the current trends. With elements of light, air, and contemporary design, our condos are ideal for millennials looking to call a place home. With a friendly onsite HOA and loads of amenities, you get spacious units that can be designed and decorated as needed. There is a superb business center, fitness area, juice bar, and modern lobby lounge with first-class acoustics. Our concierge services cater to your every need and all condos feature large terraces with ample, natural light. If you are stuck between buying a new single-family home and renting a luxury apartment, Park Grove condos simply offer the best of both worlds.
What are Millennials looking for in new homes?
This generation is looking for homes that are sustainable and require little to no maintenance. However, two to three-bedrooms with modern layouts seem to be the preferred choice. They also want houses that have plenty of outdoor spaces in the front and backyards. Newly built houses offer millennials the perfect way to invest in home plans that are specifically designed for contemporary living. These homes are exactly what you find at Park Grove in Miami with condos that are never cookie-cutter in design.
Why invest in abodes that are requiring remodeling and renovations that meet your daily living needs? Skip through the clutter and find yourself a lavish, elegant condo that offers exquisite features with ROI guaranteed. While cheaper in price than some homes in the area, our condos are not cheap in quality. They are the perfect solution for buyers that do not want to invest in smaller homes either. With luxury finishes and fixtures, buying a new pre-construction condo allows you to decide which upgrades and high-end features you want. This trend is now dominant across the social media generation that previously opted for homes with less square footage.
What homeownership challenges are Millennials facing today?
While many millennials dream of homeownership, there are still challenges and obstacles in the way of several potential buyers. For one, rising construction costs and limited lots are curtailing the volume of entry-level homes across the nation. The supply of new single-family abodes simply cannot keep up with the growing demand. Similarly, restrictive regulations have created a tougher climate for building – and buying – smaller single-family houses.
Many millennials are also dealing with insurmountable student loan debts. In fact, over 29 million millennials hold a grand total of over $784.7 billion dollars of student loan debt. Still, there are millennials that are earning well enough to buy their first homes. Despite the generation being highly mobile, the economic and emotional benefits of homeownership are still viewed as valuable.
How builders are appealing to Millennials
Homebuilders are staying abreast of all the latest industry trends and developments. This includes the growing number of millennials that are now – or will soon be new homeowners. In order to serve the nation’s largest demographic group, builders are gearing their new developments towards:
- Projects in millennial-friendly areas.
- More houses being built to cater to the entry-level housing market.
- Creating developments with onsite amenities (pool decks, fitness centers, green spaces, etc) that keep owners and their families happy.
These are some of the ways new homebuilders are attracting and engaging millennial buyers. Despite new home sales soaring in their demographic, condo ownership is still as high as ever. No truer is this than in coastal cities like Miami, Galveston, San Diego, and other areas. If planning to visit Miami, you should check out Park Grove and experience the magic and wonders of this great residential community.
For more information on condos at Park Grove, simply contact us today or visit our website.