Millennials: Do You Need a Home with More Space?

Millennials, Do You Need a Home with More Space?

If you’re a millennial, homebuying might be top of mind for you. Your generation is the largest group of homebuyers in the market today and has been since 2014, according to the National Association of Realtors (NAR). And while other millennials are looking to buy for the first time, you may be one of the many who are now discovering you’ve outgrown your home.

If that’s the case, you’re not alone. The past two years brought about significant changes for many people, and today, homeowners are reevaluating what they truly need in a home. As a recent report from the Wall Street Journal states:

“They say the pandemic and the emergence of remote work accelerated millennial home-buying trends already under way. . . . Millennials who already owned homes traded up for more space.”

So, if you’re working remotely now or simply have a growing need for additional space, it may be time to move. And even if you purchased your current home sometime over the last few years, you can still move into a different one that has the space and features you’re looking for. That’s because there’s a good chance you have more equity than you realize. As Diana Olick, Real Estate Correspondent for CNBCnotes:

The stunning jump in home values over the course of the Covid-19 pandemic has given U.S. homeowners record amounts of housing wealth. . . . Even homeowners who weren’t listing their properties for sale were gaining equity. About 42% of homeowners were considered equity-rich at the end of last year, meaning their mortgages were half or less than half the value of their home.”

Growing equity can be the key you need to fuel your next move, especially if you’re looking to purchase a larger home. When you sell your current house, the equity that comes back to you in the sale can be used toward the down payment on your next home.

In other words, your purchasing power may be greater than you realize, making a move to a larger home a realistic option. That, plus your changing needs, might make moving now more desirable than ever.

Bottom Line

If you’re a millennial thinking about moving this year, you’re not alone. Contact us to discuss the equity you have in your current home and the opportunities it can create.

About the Author
Stephanie Miller, Living Local Nashville Realtor

Stephanie Miller is a Nashville native with an extensive background in the local real estate industry and is excited to use that experience to help you achieve your homeownership and investment goals! 

With family deeply rooted in the Nashville area since the early 1800’s and entrepreneurship ingrained in her by generations of small business owners, home builders, restauranteurs, and pioneers in their industries, it should come as no surprise that she truly loves her hometown and the opportunity to serve the residents of Middle Tennessee while continuing a tradition of entrepreneurship through a family business. 

She has over two decades of experience working for some of Nashville's top real estate teams, effectively marketing thousands of homes in every price point and creating systems to streamline the real estate process. She has gained invaluable knowledge and insight along the way and her favorite opportunity thus far is working alongside her dad, Ron Rice, combining their experience to serve all of their family, friends, and clients together. 

Stephanie lives in Wilson County with her husband Jason, two sons who are both very active in Scouts, and two rescue dogs. 

Service
2012 - 2013    McFarlin Pointe HOA Board Officer
2013 - 2017    Rutherford County Schools Outreach Volunteer
2015 - 2016    Nolensville Cub Scout Pack 297 Committee Member
2017 - 2021    Lebanon Cub Scout Pack 643 Committee Member
2022 - present    Scouts BSA Troop 2535 Committee Chair

Memberships & Certifications
National Association of REALTORS®
Tennessee REALTORS®
Greater Nashville REALTORS®
At Home with Diversity®