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Declaration of Data Protection

When using our website, you expressly consent to the registration and use of data described in this statement. Your data will be used for the purposes described below.

IP addresses

IP addresses are required for problem diagnosis, website administration and demographic information. When you visit our site, we recognize only your domain name in any case your e-mail address. Just see your email address if you provide us directly through a form or send us an email.

Cookies

Cookies are used to personalize content, to avoid repeated introduction of passwords or information provided to adapt to the preferences of the user.User registrationOur website contains forms that can be filled to request information. When you register, we will send the requested information.

Email Address

If you provide your e-mail address, we will contact you by email. Do not provide your email address to third parties outside Engel & Völkers. If you no longer wish to receive our e-mails, you can give unsubscribe at any time.Links to other websites Our website contains links to third-party websites. Engel & Völkers is not responsible for protective measures or data content from other websites.

Cancelation

If you no longer wish to receive emails of Engel & Völkers can revoke previously granted permission at any time. The email notification is sufficient for your e-mail is deleted from the list or database web log.

Millennials: Homeowners or renters?

Millennials, defined as those born between 1980 and 2000, are stereotypically characterised by their vast student debts, lower salaries and hipster indifference. However, they’re also dubbed ‘Generation Rent’, and are accustomed to being written off as unlikely property investors. This is largely at odds with their predecessors – Generation X and the Baby Boomers. Yet recent figures refute the convention that millennials are not interested in homeownership. With new statistics surfacing, we decided to investigate the current state of play in the property market.

Millennials: Homeowners or renters?How the statistics stack up

There are 80 million millennials in the US alone. Over a lifetime, their collective buying power is forecast to reach £10 trillion. Additionally, the financial burdens of Generation Y, as this group is also known, are considerably lower than commonly perceived. Millennials owe less than Generation X’s $28,000 per person on student loans, with an average debt of $25,000. The National Association of Realtors also found that they led the property market in 2015, with a 35% share in purchases.  A Royal Bank of Scotland survey, by contrast, found that 47% of Generation Rent feel trapped in a cycle of long-term letting in the UK, while 69% said they will need another five years to save for a deposit on a house.

Choosing to move out

 Millennials tend to rent in urban areas in the US. Yet when it comes to buying, they're moving to the suburbs. Properties tend to be less expensive outside of the larger cities, where just 17% of Generation Y bought homes in the last year, according to the National Association of Realtors. The trend reflects the demographic’s desire for additional space, in part explaining why the group is searching for older, single-family properties.  

Alternative thinking  

Compared to the Baby Boomers, millennials are delaying marriage and parenthood by up to a decade, allowing them time to strengthen their careers – and earning power. This generation are also far more flexible than their older counterparts and aren't necessarily aiming to purchase their ‘forever home’ when they sign up for their first mortgage. They're ready to switch and change when needed; they don’t expect a job for life, nor do they view a home in the same way.

The decision to rent

 A sizeable proportion of millennials continue to reside in metropolitan areas, favouring the convenience and recreational opportunities city life brings. A Nielsen survey found that 62% of millennials “prefer to live in dense, diverse urban villages where social interaction is just outside their front doors”. In order to afford this lifestyle, Generation Y has no choice but to rent. 

However, there are other factors at play. The necessary upkeep, as well as having to shoulder the responsibility of selling, discourages a number of millennials from owning a house. Those who saw their parents struggle with repayments or repossession during the economic downturn of 2007 to 2009 may also be wary of purchasing a property. Rents are steadily rising, however, meaning an increasing lack of security may encourage more millennials to buy homes.

At Engel & Völkers we're well placed to assist millennial homebuyers aiming to rent or purchase a property. Understanding the needs of our customers is at the core of our business, and with agents in 36 countries, we can help members of Generation Y across the world make informed decisions.

Engel & Völkers

Andorra
C/ Na Maria Pla 2-6
AD500 Andorra la Vella
Andorra
Phone
+376 88 66 88

To the shop



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