Pandemic or not, millennials are essential to the growth of the housing market. National MI and Cultural Outreach surveyed 1,450 NextGen homebuyers (ages 22-37) in April and September to learn more about today’s homebuying millennials and their mindset during a pandemic. Through their research, they studied how this generation is approaching the home buying process, their fears, challenges and how COVID-19 has impacted their plans for homeownership. Check out the highlights below!

·       The ability to work from home was by far the biggest indicator of financial stability and optimism. In the September survey, seven in 10 respondents said they had the flexibility to work from home. Of that segment, the majority held at least a bachelor’s degree and had an annual income of over $100,000.

·       These respondents were 182% more likely to say the pandemic had a positive impact on their homebuying plans and even reported decreased stress in career, family, and finances.

·       In contrast, approximately one in three respondents said the pandemic had a negative impact on their homebuying plans. They were 2.5 times more likely to go into work, five times more likely to have increased stress in their career and less likely to hold a college degree. Unfortunately, women were also significantly more likely to express stress because of COVID-19 and a negative impact on their homebuying plans, even when controlling for income and children.

How COVID-19 impacted homebuying plans

·       People across the board are spending a great deal of extra time in their homes. Unsurprisingly, many of them have realized they could use a lot more space. Some want an office or a backyard, and they are looking for ways to manage the extra family in the home.

·       While low interest rates are one factor in why NextGen buyers are purchasing a home, they are more likely to cite a need for more space and desire to move sooner than planned.

If you’re looking for more space and work from home options, you’re certainly not alone. Metrowest has lots of resources for would-be homebuyers – if it’s time to relocate, give us a shout today!