Amidst the speculations that millennials are not interested in owning homes. Some are actually investing in homes. With the ease of getting mortgage loans, this has allowed millennials to afford homes. Despite the scepticism around the issue, millennial home owners are on the increase.
With the craze of affordable luxury homes, millennials are jumping into the bandwagon. Owning a luxury home happens to be the trend in Kenya. Luxury apartments are rising up in posh neighbourhoods and the millennials are not letting the trend pass them by. Easy payment plans have allowed millennials to be able to purchase homes.
Why are they buying homes?
Aside from societal class as motivation to own homes. Millennials are getting more family oriented, with the pressures of having a family. It seems to having a home before a family is pushing them to purchase homes.
Although, the number being down this doesn’t remove the light from the fraction that is actually buying homes. Moreover, compared to the normal belief that millennials are only focused on the wrong things. Some are proving it wrong by gathering savings and becoming homeowners. In addition, with the worry of land not being available in the coming years, millennials are being pushed to make hard decisions for the future to be homeowners. Besides, the Kenyan economy shifting it is easier to secure a home before the rates go higher.
What are the buying millennials doing different?
Firstly, they are saving. Most youths want to spend their salaries on luxuries other than houses. However, smart ones know the need of starting to plan for housing early. No one wants to pay rent until they die. Although most millennials want to own apartment units as opposed to an actual house.
Secondly, they are doing research. Ignorance can be bliss but knowledge saves on time. Millennials who are aware of the real estate industry and its benefits are taking the rails to home ownership. They can understand the shift in markets and why it’s necessary to own a home.
Thirdly, they are taking responsibility. This doesn’t mean the others who aren’t buying don’t take responsibility. It simply means that millennial home buying know that they owe it to themselves to take responsibility for their future. Most young people only worry about paying rent and bills but forget that they cannot keep paying rent forever. Starting to save enables one to get a starter home.
What about the percentage still not buying?
As a millennial, you may wonder how you can afford a home. Well, if your age mates can do it; believe you can too. All you need is savings and a mortgage lender that has the perfect principal and interest that gets align with what you want. It’s no surprise if young adults want to own house but the critics from the older generation discourage them from trying.
According to some sources, millennials are comfortable waiting for their parents’ properties being passed down to them. Can the older generation be blamed? It’s arguable that instead of selling off the house to strangers, their kids can just inherit the home. It is not necessarily bad, however, this pulls some responsibilities away from millennials. Buying a home allows for a sense of responsibility.
It’s up to the real estate professionals to encourage millennials on homeownership. Encouraged by the numbers actually buying homes, we can agree that in the coming years, millennials will be homeowners. Not forgetting that financing is the main issue discouraging them from buying. Basically, with knowledge on financing options millennials that aren’t buying can find an option that suits them.
Related: Why Millennials aren’t buying homes
The bottom line:
Millennials are buying homes and more are still planning to buy. As a millennial who isn’t buying Kenya Homes can help you get the perfect home for you while giving you all the financing information you need.