For the span of their generation, millennials have been notoriously unwilling to buy homes.
Some economists blame soaring housing prices, which have often outpaced the generations’s meager earning potential. Others argue that millennials have different priorities, and have made the conscious choice to stay away from the housing market. Regardless of the reason, the adults turning 40 this year have not purchased houses at the pace of their Gen X and Boomer parents.
And the housing market has noticed.
Millennials Have Finally Decided to Buy Homes
Market researches have tried to understand this enormous generation and why they are so unlike those who have come before them. They also don’t stick with jobs or get married. They don’t have children. But their size alone moves markets. When they decide to spend money, everything changes.
Recent data suggests that millennials are emerging from their hiding to finally spend money on housing. In a recent Jefferies.com housing report, analysts discovered that homeownership rates have increased among 25 to 29 year olds and have substantially increased for those ages 30 to 34. In fact, millennials led all generations in home buying in 2020 according to a report by Apartment.com.
Even more interesting is the fact that the 25 to 34-year old population is 9% larger than 35 to 44-year olds. These data suggest that the enormous number of millennials will drive the housing market for decades to come. Millennials have arrived and are here to stay.
These numbers do not bode well for the current Colorado housing market. This enormous generation has decided to buy homes that do not exist in the current housing inventory. In Colorado there are more real estate agents than there are homes for sale. Demand for homes will certainly rise as more millennials enter the market, and the frustrating process of searching for a home to buy will continue. The situation looks dire.
Custom Homes Are The Answer
The solution lies in custom building as it solves many of the problems that occur in the traditional home-buying process. Building from the ground up allows buyers to select their homesite and the scenery that surrounds it. Custom home builders select the finishes, details, and amenities that make the most sense for them and their families. They participate in the entire building process and are assured that their homes are built to maximum quality and efficiency standards. Finally, no one has to go to an open house or on an endless schedule of previews with an agent.
The home building process is often misunderstood: many believe it is difficult to find plans and homesites. Others believe it is expensive, time-consuming, and frustrating. At Helton Construction, we work to make the process efficient, friendly, and positive. We maintain a library of popular plans that range in size and price. We work with everyone, from novice to seasoned buyers, who are looking to build a home that suits their needs. We also provide lot analyses to determine the suitability of sites, and a customizable process that allows us to work with outside plans. At Helton Construction, we make custom home building an easy and cooperative process.
Helton Construction homes are built with a focus on quality and energy efficiency. Our commitment to quality construction and to our customers begins the moment we meet to discuss plans and never ends.
Don’t suffer through the home buying process. Join us and we can build your dream home together.