As the Millennial generation moves into the housing market, they’re jettisoning the traditional concept of a “forever home” – a home designed to last through multiple decades of life.
Instead, a recent survey found that Millennials desire flexibility and choice when it comes to where they live. As a result, a significant portion stated that they plan to spend less than 10 years in a home, while the vast majority are considering purchasing new construction because of the greater flexibility in floor plans.
Prospective Millennial Homebuyers:
- 80% equal or more interested in newly built home vs. resold home;
- 58% think that the term “forever home” is outdated;
- 54% will use a so-called “starter home” as a first purchase;
- 33% plan to purchase another home within the next 10 years.
Source: Taylor Morrison Home Corporation’s 2017 Consumer Survey
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