Home buying habits of Millennials
More and more Millennials are reaching the age where they are buying homes. But what types of home buying habits do they have? The following infographic breaks down the buying habits of Guaranteed Rate’s Millennial home buyers.
The most popular types of home for Millennials are single family homes followed by condos. While just over a quarter of millennials are putting down 20 percent, almost half of Millennials are putting less than 10 percent down. With many options for low down payments, the dream of buying a home is becoming a much more attainable reality for many Millennials.
Conventional 30-year-fixed loans are still the most popular loans for Millennials. However for those millennials who don’t know where life will take them in next 5-7 years, an ARM can be a great option and often have lower rates than a traditional fixed-rate mortgage.
We expect to see many more Millennials buying homes in the coming years and it will be interesting to see how their buying habits change.