Young Millennials leveraged their tech-savviness to their advantage as they navigated homebuying during the pandemic, according to a new report from CoreLogic… (CL)
- 1.78 million out of 4.75 (37.4%) of homebuyers million during the pandemic were young millennials
- This was a 15.8% increase since 2019 and far outpacing all other age cohorts. This is more impressive when homeownership acquisitions for young millennials only grew 3.4% a year earlier.
NOTE: Millennials of all ages (25-44) made up 62.2% of all home purchases during the pandemic.
The big question going forward is will this buying activity continue for millennials? CoreLogic explains the two big factors that will play the deciding role…
- NUMBER ONE: Remote work flexibility in the eventual post-pandemic economy will “likely keep the momentum for space, privacy and proximity to family and friends going.”
- NUMBER TWO: Millennials are more likely to be influenced by their peers and social media when it comes to home buying. “Multiplications of potential herding behaviors among the millennial buyers will likely shape the housing market in the years to come.”
BONUS STAT: While the south did have the most states that appealed to millennial buyers, the leading state was actually in the Northeast. Connecticut lead the way with a growth rate of 28.2% over 2019, followed by Oregon (21.6%), Alabama (21.2%), Arkansas (21.2%), and Georgia (20.5%)