Most millennials that make more than $50,000 a year are more interested in buying homes than they were a year ago, a recent survey by homebuilder PulteGroup, Inc. found.
Nearly two-thirds, or 65 percent, of renters between 18 and 34 who responded to the survey and had an income above $50,000 said that their intention to buy has "significantly or somewhat increased in the past year," PulteGroup said.
"Millennials have witnessed the housing boom and bust, but still believe homeownership is a good investment," said Fred Ehle, vice president for PulteGroup, in a statement. "Consistent with other third-party research that shows more than 90 percent of millennials plan to buy a home someday, we see a lot of young adults who are making financial sacrifices to afford a place of their own."
As part of the survey, PulteGroup also polled people on what home aspects matter most to them. The company found that millennials highly value efficient use of space in a home, with 69 percent of respondents indicating that they "overwhelmingly want an open layout space in the kitchen and family rooms for entertaining family and friends."
Millennial survey respondents also said these features were either very important or extremely important to them:
- 84 percent said ample storage for daily items;
- 76 percent said space for TV, movie, or sports watching;
- 73 percent said the entry to the home;
- 63 percent said an outdoor living space or deck; and,
- 36 percent said the ability to conduct business from home.