This is a sponsored post written by me on behalf of CORT. All opinions are 100% mine.
There are a lot of stereotypes about millennials floating around out there. Many say they are lazy, unmotivated and entitled. Others say they know what they want and won't settle for less.
I have met millennials on every point on that spectrum – just like you find with any generation. I'm from Generation X, but on the younger end of the spectrum. So there are some qualities I share with millennials, like the importance of family and quality of life.
And like millennials, we have held off on buying a home. The market in California just isn't stable enough for our liking, and we may want to move out of state.
But are millennials actually buying homes? They are buying homes, only about 5 years later than previous generations according to National Association of Realtors’ (NAR) research.
In fact, 52% of millennials feel motivation to purchase a home so they can stop renting. Unfortunately, financial fear holds them back. They grew up in a generation of debt and recession, and they tend to be more cautious.
It seems they want to go into home ownership with eyes wide open and minimal risk. So, I wanted to share some things we can all learn from millennials about home ownership.
Wait Until You're Financially Ready
Owing a home is a huge financial investment. You need to be financially prepared not only to purchase the house, but maintain it!
Many people believe that Millennials prefer to live with their parents since about 15% of them lived with their parents in 2016. However, it's simply taking them longer to be able to purchase a home – a sign they equate with adulthood.
So they are living at home for longer so they can save money on rent and be able to purchase a home sooner. That sounds like a very responsible approach to take.
Less Space Can Be Better
Another difference between Millennials and previous generations is that they're opting for smaller homes. My generation – Generation X – prefers homes with 2,100 square feet. Compare that to Millennials, who typically prefer homes that are 1,800 square feet.
That means they can get a home at a lower price point. And the maintenance costs can be lower as well, helping to ease the ongoing financial burdens of home ownership.
You Don't Have to Furnish a House Right Away
While it does appear that Millennials are on the road to home ownership, another interesting decision they've made is to rent furniture rather than purchase it.
Instead of spending everything they have or borrowing money to purchase housefulls of furniture, appliances, and electronics, many millennials are renting these items, even if they own their homes.
Being able to rent furniture, artwork and home goods from a company like CORT Furniture Rental eases Millennial anxiety about spending large amounts of money at one time. It's the perfect idea since millennials prefer to enjoy experiences instead of buying goods.
Renting furniture can help them to to keep their resources free to enjoy better experiences with family and friends. It's an interesting idea for any generation to consider.
Learn more about Millennials and Home Ownership
If you're as interested as I was in how Millennials are approaching home ownership, you can learn more on the CORT Furniture Rental website about Expert Tips for Decorating on a Budget and Outfitting Your Entire Home.