What's my home worth?

Enter your information and I'll get right back to you with a free home estimate.
Find out!
check

Sent

What's my home worth?

Enter your information and I'll get right back to you with a free home estimate.
Find out!
check

Sent

Todd Patterson

Let's Find Your Next Place

Todd Patterson

Coldwell Banker

Millennials: Do You Need a Home with More Space?

March 01, 2022


If you’re a millennial, homebuying might be top of mind for you. Your generation is the largest group of homebuyers in the market today and has been since 2014, according to the National Association of Realtors (NAR). And while other millennials are looking to buy for the first time, you may be one of the many who are now discovering you’ve outgrown your home.

If that’s the case, you’re not alone. The past two years brought about significant changes for many people, and today, homeowners are reevaluating what they truly need in a home. As a recent report from the Wall Street Journal states:

“They say the pandemic and the emergence of remote work accelerated millennial home-buying trends already under way. . . . Millennials who already owned homes traded up for more space.”

So, if you’re working remotely now or simply have a growing need for additional space, it may be time to move. And even if you purchased your current home sometime over the last few years, you can still move into a different one that has the space and features you’re looking for. That’s because there’s a good chance you have more equity than you realize. As Diana Olick, Real Estate Correspondent for CNBC, notes:

The stunning jump in home values over the course of the Covid-19 pandemic has given U.S. homeowners record amounts of housing wealth. . . . Even homeowners who weren’t listing their properties for sale were gaining equity. About 42% of homeowners were considered equity-rich at the end of last year, meaning their mortgages were half or less than half the value of their home.”

Growing equity can be the key you need to fuel your next move, especially if you’re looking to purchase a larger home. When you sell your current house, the equity that comes back to you in the sale can be used toward the down payment on your next home.

In other words, your purchasing power may be greater than you realize, making a move to a larger home a realistic option. That, plus your changing needs, might make moving now more desirable than ever.

Bottom Line

If you’re a millennial thinking about moving this year, you’re not alone. Contact a local real estate professional to discuss the equity you have in your current home and the opportunities it can create.


Tags:

Featured Listings

listed
Luxury Ranch Style Home This single story ranch style home is located on over 33,500 square foot lot with asphalt frontage. There is a large covered entryway leading to the front doors. The home is very spacious.
$669,000
listed
3
beds
3
baths
3,010
Sq Ft
sold
Corinthian Subdivision JP Eliopulos Built. This single story home is located in a west Lancaster in a desirable area. The home has secure entryway. There is large ceramic tile flooring with vaulted ceilings. Open area floorplan.
$509,000
sold
3
beds
2
baths
2,274
Sq Ft
sold
KB Ironwood subdivision. Plan 3 This well located single story has upgrades. Four bedrooms and two bathrooms. From the entryway there is vinyl wood plank flooring leading into the great room with high ceilings, LED lighting and lots of window light.
$529,000
sold
4
beds
2
baths
1,886
Sq Ft
listed
This custom built two story pool home is located on a large lot in cul de sac street. Large open floor plan with a bedroom and bathroom down stairs. This well maintained home has been upgraded!
$699,000
listed
4
beds
3
baths
2,444
Sq Ft

Recent Posts