Millennials’ Home-Buying Preferences

Gary R. Gibbs founded his multi-million dollar real estate and property development firm in 1974. Throughout his career, Gary R. Gibbs has developed diverse types of real estate, including commercial buildings, multi-family units, and single-family properties.

In recent years, one of the largest segments purchasing single-family properties have been millennials, who range between 22 and 39 years of age. While high student loan debt and other financial constraints have delayed most of the millennials’ entry into homeownership, many are now in more advanced stages of their careers and earning more money.

This group’s preferences will have a profound effect on the real estate market. For example, millennials are more likely to choose a home that allows for a convenient commute. They are also more likely to conduct their home search and interact with real estate agents online. Overall, millennials prefer detached homes. However, townhouses are more popular with younger millennials than any other demographic.

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