© Bank of America
When asked about life priorities, millennials name homeownership as their second-highest goal behind retirement—and before marriage and having children, according to Bank of America’s 2018 Homebuyer Insight Report. Seventy-two percent of millennials say owning a home is their top priority, while 50 percent pointed to marriage and 44 percent to having children.
“Millennials are redefining life’s priorities by placing homeownership above nearly all other key milestones, including marriage,” Steve Boland, head of consumer lending at Bank of America, notes in the report. “Millennials equate homeownership with personal and financial success, and it’s encouraging to see this generation aspire to homeownership.”
Forty-seven percent of millennials equate homeownership with being mature and responsible or feeling like an adult, according to the survey. Millennials also said homeownership would make them feel independent (36 percent), established (34 percent), and empowered (26 percent).
Housing preferences of first-time home buyers:
Homeownership tenure: 50 percent prefer a starter home, and 50 percent prefer a long-term home.
Larger space: 52 percent want more square footage, and 48 percent prefer a larger backyard.
Home design: 66 percent want a modern layout, while 34 percent prefer a home with “good bones.”
Extra rooms: 65 percent want a garage, while 35 percent want an extra bedroom.
Amenities: 75 percent prefer updated appliances, while more than 25 percent prefer an updated exterior.