Say what you will about millennials, but as a bunch, they certainly seem to know what they want, and what they want is more for their money. Millennials make the “me generation” of the ’80s sound like a joke. However, by and large, they’re educated. They take to digital technology as easy as breathing. Millennials value community and social consciousness, embody the entrepreneurial spirit and are not afraid to demand what they want. As a result, the millennials are changing the Portland housing market.
This growing group has incredible sway in terms of purchasing power. They have already surpassed Gen-Xers in the job market and bypassed Baby Boomers to become the largest generation. This is being felt in nearly every industry, including the real estate market.
How are millennials changing Portland neighborhoods and overhauling the housing market in this rapidly growing metropolis? Here are a few things you should know.
The Largest Buying Group
According to the National Association of Realtors, 68%, as of 2015, first-time homebuyers are millennials. They make up an incredible 32% of homebuyers in general, which, in turn, means these 20 and 30-somethings have incredible power to drive the market, including Portland modern homes. How are they using their power?
Tech-savvy millennials don’t want to search for homes traditionally. They find it easier to conduct a house hunt via mobile devices. Millennials have driven the growth of web portals and apps. In turn, anyone interested in buying a home can benefit from these handy online tools.
Smart Buying Decisions
Despite the fact that millennials are often portrayed as suffering from entitlement issues, it seems that most are willing to work to achieve their high standards. Most of all, millennials want more for their money. They want added square footage or acreage, nicer amenities, and proximity to resources like local markets and public transit.
For those seeking Portland condos, access to local amenities and friendly neighborhoods isn’t hard to come by. However, the growth of the real estate market has made it difficult to find affordable housing that offers adequate square footage and newer construction.
How are millennials responding? Many are purchasing older homes and working hard to improve them. Others have downsized, seeking small Portland lofts and apartments. They even seek tiny houses as a way to partake in newer construction without a high price tag. Additionally, some are moving to outlying areas and seeking jobs that allow them to work remotely.
This speaks to a level of personal responsibility that many do not credit millennials with. Therefore, such behavior can only bolster the recovering housing market and help us to avoid another economic disaster like the Great Recession.