There's a criticism I've been hearing out in the market for the past few years and I think it's about time to put it to rest. The criticism is that Millennials aren't interested in owning homes. This couldn't be further from the truth, especially here in the Raleigh-Durham market. Millennials are now making up almost half of recent home purchases and that number is rapidly growing by the day. In my own business, I've seen more Millennials purchase, not only as first time home buyers, but as second home purchasers and investors as well.
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It's not where the market is going, it's where the market is. Millennials are starting to own the world! I mean that quite literally. As those Baby Boomers begin to transfer their wealth a small percentage goes to charity, a decent size could go to the government, but a sizable chunk is going to their grandchildren, who happen to be Millennials.
Furthermore, not only are Millennials the largest generation of people the world has ever known they are also primed to be the wealthiest. Never before, in the history of mankind, has there been an opportunity for people of all ages and color to build wealth in a way that puts everyone on an even platform - the internet. As a result, the internet has given everyone, with a laptop, an opportunity to build the sort of business they want and speak to the market they wish to reach. Millennials have taken full advantage of this. And with the money they've saved, they've been smart enough to invest that capital into homeownership.
This has been happening not only in the Raleigh-Durham market but across the country. So, if you're reading an article or watching some talking head say that Millennials aren't buying homes just know they don't have their facts straight. The professionals who are selling in the trenches know what's really going on in the market.