Millennials are becoming homeowners at a record pace, accounting for the largest share of all homebuyers in the US in 2021. According to CoreLogic, millennials made up 67 percent of first-time home purchase applications and 37 percent of repeat home purchase applications in 2021. And now, this generation, born between 1981 to 1996, has surpassed boomers to become the largest living adult generation in the US with housing experts predicting their demand will remain strong for years to come while also changing the homebuying process.
It’s increasingly clear however, as reported by govering.com, that millennials are doing everything their parents did, just later. Approximately 64 percent of millennials are forecast to be married by the time they’re 35, just behind Gen Xers at the same age. The share of millennials with children is also closer now to the last generation. And, millennials are now the highest-earning generation in American history, though by some measures they have less wealth. It’s definitely time to toss out the old joke about millennials living in their parents’ homes. Today, many are, themselves, homeowners.
Real estate expert Shahn Douglas, chief marketing officer for DK Las Vegas, which owns the luxury Juhl condo community spanning an entire city block in vibrant downtown Las Vegas, knows first-hand from the influx of millennials purchasing Juhl condo-homes, what they want in home ownership.
“This generation, whose oldest members are now in their late thirties and early forties, may want similar things to those of their parents, but they approach life decisions like job choices, relocation and homebuying differently than previous generations,” said Douglas. “To their credit, many millennials are proactively choosing to live in areas of the country, like Las Vegas, that offer them a combination of lucrative jobs, lower cost of living, affordable housing and lifestyles that meet their current and future needs. In other words, millennials are finding ways to have it all.”
As millennials change the landscape in just about everything, a new term has arisen – “Have-It-All-Hubs.” Millennials are choosing to settle down in areas of the country that offer a good job market, affordable housing and lifestyles that adapt as their personal life needs evolve – places like Las Vegas where they can have a good career, afford a home and raise a family.
Cities like Las Vegas do have-it-all! Not only does Las Vegas have outstanding job opportunities for college-educated Millennials in such industries as the region’s flourishing tech scene; hospitality management, law, medicine, and professional sports as well as others, but it also is a city where those without college degrees can find good paying jobs and affordable housing.
“Luxury condos are appealing to millennials for a variety of reasons with affordability and hands-off maintenance topping the list,” said Douglas who explains that Juhl condo-buyers also appreciate the community’s downtown Las Vegas location within walking distance of both world-class and neighborhood-centric entertainment, restaurants, art galleries, nightlife and shopping, as well as a central location for access to the city’s cultural attractions and Las Vegas’ professional sports venues.
Juhl residents also have access to community’s luxury amenities like electric car charging stations, two-story fitness center, resort pool, co-op working lounge, private pet walk, summer kitchens and grilling stations and 24-hour security.
Interestingly, these attributes also attract younger boomers, “who are at points in their lives where they want freedom from single-family homeowner responsibilities – like yard work and expensive repairs – yet want a vibrant lifestyle,” said Douglas.
Maybe millennials aren’t all that different or more likely previous generations are learning millennials know how to go for it!