Millennials Are Increasing the Demand for Condominiums

When deciding to buy a home, people are presented with manydifferent options. The type of home you buy depends on your needs,budget, and in many cases, the desired maintenance level. For manymillennials, their choice has been buying a condominium!

According to CoreLogic,

“Last year about 43% of all condo home-purchasemortgage applications were submitted by FTHBs… Similarly,the data show condos were more popular with young homebuyers andempty nesters. For instance, 21% of all condo home-purchasemortgage applications were submitted by buyers aged 18 to 30,compared with just 17% of all single-family home-purchase mortgageapplications by the same group in 2018.”

With home prices increasing year-over-year, it makes sensemillennials are buying condos instead of a single-family house. Asa result, the demand for this type of home has beenincreasing.

As this graph explains,

“The younger millennials are the largest cohort andare likely to drive much of the condo demand in the comingyears”.

Bottom Line

If you are a millennial considering buying a home, understandthat there are many options available. You may find yourself in acondominium as your first home. If you would like to determinewhich type of home best fits your needs, let’s get togetherto evaluate your options!