3 Big Myths About Millennials Buying Homes

There is lots of misinformation out there about Millennials and home buying—we’re tackling some of the biggest myths…

Would you believe us if we told you that Millennials are buying more homes than any other generation? What if we told you they were buying more houses than any other generation for the fourth year in a row. NAR’s 2017 Home Buyer and Seller Generational Trends study reports that that’s exactly what’s happening, with Millennials making up 34% of homebuyers, compared to 30% of Boomers. LendingTree says that on average 36.1% of all their mortgage requests come from Millennials, a slight increase from the year before.

But if you thought that no Millennials were buying houses, you’re not really to blame. Headlines spreading myths about Millennial homeownership are common. According to the chief marketing officer at the Zillow Group, “That myth that Millennials don’t want to own things is not true…Millennials are not just starting to buy homes; they’re powering the housing market.” Nine percent of 18-34-year-olds told us that they bought a home, apartment, or townhouse with their own money during 2016 alone. So what other Millennial home buying myths need to get busted? We’re tackling three big ones:

1. They’re buying avocado toast instead of houses.

Millennials have been publicly scolded for wasting their money on avocado toast instead of buying houses—but how realistic is that accusation? One Australian millionaire mogul has now infamously declared that their frivolous spending on “smashed avocados” and coffees has kept the generation from home ownership. Not so fast. According to MSN’s calculations, “at a minimum of $8 a place, it would take giving up 4,900 toasts just to afford a down payment on a median-value home in the U.S.” Meanwhile, stats from the Food Institute…

 
 

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“I move around every few years so it would be a huge hassle to have to buy and sell property so frequently.”—Female, 28, IN

Gen Z will spend the most on rent of any generation, but Millennials aren’t far behind. HotPads estimates that 2-20-year-olds will spend $226,000 on rent before they buy a home and 24-38-year-olds will ring in at $202,000. Despite the difference, Gen Z will own their first home one year earlier than Millennials because they’ll have “a stronger job market than [M]illennials”—but, despite the myths, they are buying homes in greater numbers. PS: Los Angeles tops the list of where young demos will spend the most on rent. (Business Insider)

What’s behind board games' popularity today? The NPD Group found that board games grew 8% compared to the toy industry’s overall growth of 8% in the past year and has “no signs of slowing down.” Digital detoxing plays a part, as more Millennial parents worry about their kids’ screen time and seek toys that foster face-to-face relationships. But despite the analog appeal, games are also getting high-tech and the word-of-mouth media they receive propels social media-friendly games like Pie Face to the top of toy charts. (Kidscreen)

Parents still have the most influence over kids today, but online celebrities are also top role models. Mintel research found that 86% of 6-17-year-olds say their parents are among their top role models, 62% say teachers, and 41% say siblings. But the top kind of celebrity that gets added to the category are social media celebrities at 35%, followed closely by musicians and athletes. Only 22% said actors were among their top role models and just 16% said the President. (MediaPost)

Disney has a new beverage to fill your Instagram feed: The Purple Wall Slushie. The Millennial & Gen Z-loved company has had no problem coming up with social media-friendly items, from Baby Groot bread to a viral Beauty and the Beast-inspired tumbler, and now they’ve rolled out a boba and taro beverage at Disney World. The Purple Wall is a famous destination to snap a pic for social media in the Magic Kingdom, and this slushy is made specifically to match up with the wall (and monetize on it). (POPSUGARInsider)

Speaking of Instagrammability, the Space Needle’s new, clear benches are sure to make for a thrilling photo op. The iconic viewing deck for the Seattle skyline has been in the midst of a makeover to create a better (and decidedly more social media-worthy) viewing experience. A metal base and caging has been replaced with a high glass wall from floor to sky, and so-called “skyrisers” will let visitors sit right on the edge of it all—and snap a selfie. (Curbed)

“People have been planning outfits since the start of the year [for prom].”—Male, 15, NC

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