What Are Young People Looking For In A First Home
Buying a home for the first time is a huge step, especially if you are in your early twenties. What many people would like to know is whether your tastes are going to be different than previous generations. If they are, what are they?
At present, the market is being dominated by those looking to relocate, downsize, or upsize – in other words, current owners who have a history of home ownership. As the market starts to rise, and a little more confidence enters the market, you will see more and more young first home owners entering the market, all trying to get in while home prices are low.
Our twenty somethings of today are reported to be adventurous and somewhat fearless. Whether or not that applies to home ownership or not is another question. Our youth are not as adventurous when it comes to renovating so older homes in need of repair are not well-favored.
So what are our young people looking for in a first home? A lot will depend on whether or not they have mom and dad in tow when looking. Schools are probably not an issue yet. In fact, small homes of only one, two, or three bedrooms are best suited. They may be fearless, but they are not yet ready to think about expanding families.
When you look at our youth today, it is not so much the homes that matter as the location. Homes in Charlottesville Virginia are proving to be popular for a number of reasons. The University or Virginia is based there, there are plenty of recreation areas, and employment is strong. The downside is that median home prices are over the $220k mark.
What are young people looking for? The reality is, the same things as everyone else. A good home that’s not too big and doesn’t require a lot of work.
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