CLEVELAND, OH — Despite facing high inflation, rising mortgage rates, economic uncertainty and high levels of debt, the desire to own a home among U.S. millennials (ages 25-44) “has not been dampened,” a major new survey has found.
According to a nationwide survey of 999 Americans by Falls & Co. – a Cleveland-based marketing firm with a portfolio of clients in the home industry – 89.5 % of millennials say owning a home is a part of their American dream, and less than one percent said that owning a home was not important to them.
The number-one reason to own a home was emotional rather than rational. Sixty-three percent said they want to own a home because they like the idea of living in a home. Forty-four percent want to build wealth through home ownership. Surprisingly, major life events were not big drivers of a desire to buy a home. Only 23 % said getting married was a reason for buying a home, and just 20 % cited having children as a reason.
When asked to rank the most important features of a home, respondents cited location as their number one criteria, followed by number of bedrooms and the home’s size. “Energy efficiency and having smart-home devices surprisingly ranked low among a group that has grown up with technology and against a backdrop of energy related issues,” researchers said.
Even with more people working from home due to COVID, modifying a home office ranked last in terms of where millennials would spend money to make their home just right (2.7%). Topping the list were the living room/great room (52.5%), the kitchen (48.4 %) and main bedroom (40.3%). Men were 10% more likely to spend money in the bedroom, whereas women were 10% more likely to spend money in the kitchen, researchers noted.